January 16, 2013 / 9:11 AM / 5 years ago

Euro zone economy to contract in 2013, turn in first quarter: Nowotny

VIENNA (Reuters) - The euro zone economy will contract in 2013, but its turning point should be in the first three months of the year and growth will resume in 2014, European Central Bank governing council member Ewald Nowotny said on Wednesday.

“For the euro area as a whole, we foresee still a decline in 2013, but we do think that the turning point will be in the first quarter,” Nowotny said at a Euromoney conference in Vienna.

“For 2014 we do expect a clear revival for economic growth.”

Reporting by Michael Shields and Michael Winfrey; Editing by John Stonestreet

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