Economics
Euro-Area Investment Drop Offsets Export Gains
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The euro-area economy stalled in the first quarter as companies cut spending to weather the sovereign-debt crisis, offsetting a gain in exports.
Gross domestic product in the 17-nation euro area was unchanged from the fourth quarter, when it fell 0.3 percent, the European Union’s statistics office in Luxembourg said today, confirming an initial estimate published on May 15. Exports rose 1 percent in that period, while corporate investment declined 1.4 percent. Construction dropped 1.1 percent.