Growth across the eurozone registered just 0.2% for the first three months of this year.
The low growth has sent out a wave of fear that the region’s recovery may be faltering. The outcomes were half what analysts had expected.
Portugal’s economy shrank -0.7% in the period, after enjoying three consecutive quarters of growth. Growth showed a 1.7% improvement, however, over that experienced at the beginning of 2013.
Elsewhere in the 18-member bloc, the picture was mixed but not positive.
The Netherlands experienced the largest contraction, shrinking by -1.4%.
France’s economy stalled with no growth at all. VAT in France rose in January which contributed to the stagnation. It was only public spending which prevented the economy from contracting.
Its neighbour Germany powered ahead; its growth of 0.8% was about what analysts had expected. Its Statistics Office said growth came exclusively from domestic demand.
But nowhere else was the picture as rosy. The Italian, Cypriot, Finnish and Estonian economies all shrank, with Finland now technically in recession.
Spain heralded growth of 0.4%, but analysts fear this will not do much to cut down the high unemployment problem. Still, one has to start somewhere.
Many analysts are predicting that the results will oblige the European Central Bank into introducing a stimulus package which is likely to include interest rate cuts.
