June 28, 2013
An indicator that has correctly recorded contractions in the euro zone suggests the currency area’s economy shrank for a seventh straight quarter in the three months to the end of June, extending its longest postwar slump.
Official figures for second-quarter economic activity won’t be released until Aug. 14, but the monthly Eurocoin measure of euro-zone output released Friday signaled a contraction for June, having earlier signaled declines in activity in April and May.
The measure, which is compiled by the London-based Center for Economic Policy Research and the Bank of Italy, also showed a drop in gross domestic product in each of the three months of the first quarter, an indication borne out later when official data showed the euro-zone economy shrank by 0.2%, the equivalent to an annualized decline of 0.9%.
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