new eurozone data presents grim picture for many countries
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Signs of growth between cracks, especially in Germany

New eurozone data presents grim picture for many countries

Arab Today, arab today

Arab Today, arab today New eurozone data presents grim picture for many countries

Greece is now into its fifth consecutive year of recession
Paris - Arabstoday

Greece is now into its fifth consecutive year of recession Data confirms recession in the eurozone's weakest economies last year, breathing new life into a heated debate on whether aggressive austerity measures may come at the cost of economic growth. The dire individual statistics for Italy, Greece, Portugal and Cyprus come just days ahead of a EU summit where the bloc's leaders are to mull ways to tackle the debt crisis, with countries led by France calling for growth measures while others led by Germany are holding firm for fiscal discipline.
Last week, the EU's Eurostat data agency said that the 17-member eurozone sank deeper into recession in the last three months of 2012, with aggregate economic activity shrinking by 0.6 percent compared with the third quarter, when it had contracted by 0.1 percent.
For 2012 as a whole, the eurozone economy contracted by 0.6 percent, Eurostat said.
A recession is commonly defined as at least two consecutive quarters of declining economic activity.
On Monday, official statistics showed that Italy's economy shrank by 0.9 percent in the fourth quarter from the third quarter, confirming a previous estimate which said the recession in the eurozone's third largest economy was deepening.
It was Italy's sixth consecutive quarter of contraction -- the longest recession it has seen in two decades. A recovery is not expected to begin there until in the second quarter of this year.
On Friday, the rating agency Fitch downgraded Italian debt, mainly on the back of an increasingly unstable political situation after February's election left no clear winner.
Similar dark clouds seemed to be hovering over Portugal, where statistics show the economy contracted by 1.8 percent in the fourth quarter of 2012 and by 3.2 percent for the year as a whole.
Bad news continued to trickle in for Greece as well, where the economy shrank by 5.7 percent in the fourth quarter of 2012 in an annual comparison based on provisional data.
For the full year 2012, an AFP calculation showed that the Greek economy had contracted by 6.4 percent, which is slightly better than the estimate in Greece's current budget.
If the figures are confirmed, it could mean that the worst of the deteriorating spiral might be over for Greece, but 2012 still marked its fifth year of recession, and growth is not expected to resume until in 2014.
"We think it is still too early to call for a rebound in economic activity as disposable income continues to shrink and fiscal consolidation will remain a drag on growth," Barclays Capital economists Antonio Garcia Pascual and Fabio Fois wrote in a research note.
An official estimate from Cyprus meanwhile showed that the Mediterranean island's economy shrank by 3.4 percent in the fourth quarter of 2012 from a year earlier, and by 1.1 percent from the third quarter.
The dip marked the sixth successive quarter in which that country's economy has been in negative territory.
The bright spot of the day came from the Organisation for Economic Co-operation and Development (OECD) which said economic growth was beginning to emerge in the eurozone, especially in Germany.
In its forecast for 2013, Eurostat expects the eurozone economy to contract 0.3 percent before it bounces back with growth of 1.4 percent next year.
The latest estimate by staff at the European Central Bank forecasts that eurozone business activity will decline by 0.5 percent this year before growing by 1.0 percent in 2014.
 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

new eurozone data presents grim picture for many countries new eurozone data presents grim picture for many countries

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

new eurozone data presents grim picture for many countries new eurozone data presents grim picture for many countries

 



GMT 10:06 2012 Saturday ,28 July

Querrey advances at ATP LA Open

GMT 21:15 2017 Thursday ,01 June

Trump condemns deadly Kabul explosion

GMT 02:15 2017 Thursday ,24 August

Is your country on the Qatar free entry list of 80?

GMT 19:48 2016 Monday ,03 October

Controversial boxing champ Tyson Fury retires

GMT 08:20 2015 Tuesday ,08 December

PC market woes show no sign of easing

GMT 17:27 2017 Tuesday ,25 April

20 Yemeni soldiers killed, injured in explosion

GMT 11:52 2017 Saturday ,30 December

OIC condemns Mar Mina Church attack

GMT 00:03 2017 Saturday ,25 March

Arab Meeting to Examine Anti-Corruption Methods

GMT 13:12 2017 Thursday ,20 April

Deputy premier meets Arab League chief

GMT 14:13 2014 Friday ,10 January

Opel Astra GTC

GMT 18:27 2016 Tuesday ,02 August

Turkish Foreign Minister arrives in Islamabad

GMT 11:27 2016 Tuesday ,13 December

Saudi woman arrested for challenging social norms
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday