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Italy's output shrank by 14.3%.
He reasoned that if global output shrank, prices would rise.
Manufacturing output shrank in Europe and slowed in China.
Output shrank in the last three months of 2012.
Output shrank by 0.7% in the year to January.
Its manufacturing output shrank sharply again, with a PMI of 42.2.
Similar(15)
In contrast, the milder final quarter of 2009 saw utilities' output shrink by 2.2%.
The Greek collapse will continue for a sixth year, with output shrinking by 4.2%.
Official forecasts now project output shrinking by 0.1 percent in the current quarter and rising only 0.1 percent in the first quarter of 2012.
Spain's recession eased slightly in the first quarter, with output shrinking 0.5% compared with a 0.8% fall in the previous quarter.
Based on initial data, there had been two quarters of decline, with output shrinking at a rate of 1.8percentt in the fourth quarter of 1990 and 2.9percentt in the first quarter of 1991.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com