Brussels - The eurozone's economy posted a quarterly contraction of 2.5 per cent during the first three months of the year, European statistical institute Eurostat confirmed Wednesday.

The year-on-year figure, by contrast, was revised down from preliminary estimates of -4.6 to -4.8 per cent.

Gross domestic product (GDP) in the 27-member European Union as a whole fell by 2.4 per cent and 4.5 per cent respectively, according to Wednesday's estimates.

Eurostat had previously calculated drops in EU GDP of 2.5 and 4.4 per cent.

The quarterly contraction in the 16-member euro area was the result of drops in all components of GDP, with household consumption down 0.5 per cent, investment down
4.2 per cent, exports down 8.1 per cent and imports down 7.2 per cent.

Many economists believe that the first half of 2009 may have witnessed the worst of the recession, with a slow recovery due in the latter half of the year.

The European Central Bank is widely expected to leave interest rates unchanged when it meets on Thursday.(dpa)