The Eurozone registered a trade surplus for December that was less than the consensus of analysts had expected, one day after economic growth figures for the region disappointed.

The trade surplus came in at €11.7bn compared to the €13.1bn expected by analysts. Meanwhile, November's surplus was also revised lower from €13.7bn to €13bn.

Both exports and imports fell in December although imports declined at twice the rate of exports. Imports declined by 6% while exports fell 3%.

Citi strategist for Spain Jose Luis Martinez Campuzano explained that the Eurozone continues to offer indications that the recession may be more persistent than expected, beyond the positive financial contagion mentioned by European Central Bank (ECB) President Mario Draghi.

ECB policy-maker Ewald Nowotny said on Friday that the single-currency region could contract by 0.2% to 0.3% this year.

"In Europe we have to assume a negative development in 2013," he said, adding that the "massive economic divergence between the southern and other countries that could get even worse".

SC

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