Tuesday June 9, 11:13 AM
Slovenia enters recession in first quarter
LJUBLJANA (AFP) - Slovenia officially entered a recession in the first quarter of this year, official data showed Tuesday.
Slovenia's gross domestic product (GDP) contracted by 6.4 percent compared to the last quarter of 2008, the Slovenian Statistics office said in a statement.
Recession is technically defined as two consecutive quarters of negative growth and in October-December 2008, GDP shrank by 4.1 percent compared to the preceding three-month period.
The strong contraction in the first quarter was caused by a substantial real decrease of investments, exports and imports, the office said.
On a yearly basis, Slovenia's economy contracted by 9.0 percent compared to the first quarter of 2008.
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