Italy is the first eurozone country to reveal figures for the second quarter and a 0.
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3-percent quarter-on-quarter contraction underlines fears that a severe slowdown, even a broad European recession, could be looming.
European Central Bank president Jean-Claude Trichet, announcing unchanged interest rates on Thursday, recognised evidence of weakening of the eurozone economy in comments which sent the euro into a tailspin.
"These are the first GDP figures to come out and they anticipate a general setback in Europe," said an analyst at French investment bank BNP Paribas, Caroline Newhouse-Cohen, commenting on the Italian figures.
"Even if Italy is suffering from a more unfavourable situation than Germany or France, we have every chance of seeing a contraction of about 0.
3 percent or more, in the whole of the eurozone."
She added: "Even the German GDP, expected next week, is likely to show a fall of 0.8 percent."
A recession is defined as two consecutive quarters or more of economic