The southern eurozone countries closed out last year in poor economic shape despite low oil prices and central bank cash injections to stimulate growth.
Spain was the only star in the group with a growth rate of 0.8% in the final quarter of 2015.
Portugal welcomed growth, but it was just 0.2% for the period although this was only slightly lower than the EU average of 0.3%. Annual expansion was a healthier 1.2%.
Growth in the Portuguese economy tapered off during the year after a stronger start of 0.5% in the first two quarters of the year down to nil in the third quarter.
Italy’s economy languished at the end of 2015, dropping to 0.1% against expectations of a 0.3% expansion.
Greece has tumbled back into deep recession with contraction in every quarter save the second where there was a meagre 0.2% growth.
Greece was the worst-performing economy in the 19-country bloc.
The total size of the eurozone economy remains stubbornly below its pre-crisis levels whereas both the US and UK have surpassed them.
The results have put pressure on the European Central Bank whose quantitative easing programme is failing to gain traction. Its March meeting will no doubt have to consider taking greater steps to revive the economy.
“Europe has taken the wrong road, austerity alone is not enough,” wrote Italian Prime Minister Renzi in La Republica this week. His assessment comes eight years after the great financial crash. The end of the year figures for much of the eurozone underscore his statement.
