The eurozone economy contracted at a record rate and by more than expected in the first three months of the year and inflation slowed sharply as much economic activity in March came to a halt because of the COVID-19 pandemic, data showed on Thursday. According to a preliminary flash estimate of the European Union’s statistics office Eurostat economic output in the 19 countries sharing the euro in January-March was 3.8% smaller than in the previous three months — the sharpest quarterly decline since the time series started in 1995. Economists polled by Reuters had expected a 3.5% contraction after a 0.1% quarterly growth in the last three months of 2019. Year-on-year the gross domestic product contraction was 3.3% in the first quarter. Eurostat also said consumer prices in the euro zone grew 0.3% month-on-month in April for a 0.4% year-on-year increase, slowing from 0.7% year-on-year in […]