Eurozone growth revised down to zero

THE eurozone's economy failed to grow in the last three months of 2009, according to revised figures.

European Union official statistics show that the quarter-on-quarter growth in the three months to December was zero – revised down from a previously reported 0.1 per cent.

Year-on-year, the economy of the 16 countries using the euro contracted by 2.2 per cent, more than the previously estimated 2.1 per cent.

Meanwhile Pier Carlo Padoan, chief economist of the Organisation for Economic Co-operation and Development, said European economies must urgent address their debt levels.

He said: "We would not recommend that countries wait for market pressures to take action. If that happens, it means they're too late."

He also predicted that economic growth in the developed world was likely to slow down in the first half of 2010.