Arab Today, arab today eurozone contracts 2nd recession feared
Last Updated : GMT 02:50:24
Arab Today, arab today
Arab Today, arab today

Eurozone contracts, 2nd recession feared

Arab Today, arab today

Arab Today, arab today Eurozone contracts, 2nd recession feared

Luxembourg - UPI

The eurozone slid toward a second recession in nearly four years as the economy contracted after stagnating the previous quarter, a European Union agency said. April-to-June gross domestic product for the 17 countries that use the euro fell 0.2 percent from the first quarter\'s zero growth, the Eurostat statistics agency said. Compared with 2011\'s second quarter, the eurozone\'s seasonally adjusted GDP fell by 0.4 percent, the agency said in a preliminary \"flash\" estimate. Economists said the second-quarter output decline, exacerbated by government budget cuts, meant the eurozone would likely enter a recession the second half of the year, which has already begun. Economists often define a recession as at least two consecutive quarters of GDP decline. The eurozone, which started in 1999, entered its first official recession in the third quarter of 2008, Eurostat figures confirmed in January 2009. Germany, the zone\'s No. 1 economy, managed 0.3 percent growth, thanks to strong investment and domestic consumption. In the first quarter it grew 0.5 percent. Germany\'s growth was no match for No. 3 economy Italy\'s 0.7 percent contraction and No. 4 economy Spain\'s 0.4 percent -- countries that have had no economic growth for more than a year. Greece\'s economy shrank 6.2 percent, but its figures -- released Monday, a day ahead of the others -- are not directly comparable with those of other eurozone countries because it does not adjust for the effects of seasonality. Greece declined 6.5 percent in the first quarter. France, the eurozone\'s second-biggest economy, defied economists\' forecasts of contraction and recorded zero growth -- although analysts said a closer look at the figures indicated output had in fact dropped a marginal 0.045 percent but was rounded to zero. \"Growth of the German economy was no longer strong enough to keep the total eurozone economy above the zero line,\" Commerzbank AG economist Christoph Weil wrote in a note to clients. IHS Global Insight chief European economist Howard Archer said the eurozone, for all intents and purposes, is \"in recession, even if it has avoided the technical definition of two successive quarters of negative quarter-on-quarter GDP.\" Portugal -- which received a $96 billion bailout last year, making it the third eurozone country, after Ireland and Greece, to receive emergency funds -- slumped 1.2 percent in the second quarter. Ireland didn\'t report its figures. Farther north, Finland, a close ally of Germany in the battle for greater European austerity, fell 1 percent. Belgium\'s economy shrank 0.6 percent. Austria and the Netherlands each grew 0.2 percent.

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*

Arab Today, arab today eurozone contracts 2nd recession feared Arab Today, arab today eurozone contracts 2nd recession feared

 



Arab Today, arab today
Arab Today, arab today Fadi Kataya explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures

GMT 21:36 2017 Wednesday ,22 February

Opec needs to prolong cuts to eliminate surplus

GMT 16:32 2017 Wednesday ,22 February

US Treasury chief tells IMF to monitor currencies

GMT 16:08 2017 Wednesday ,22 February

Qatari banks merger to rebalance financial sector

GMT 05:57 2017 Wednesday ,22 February

Britain risks clash with EU over RBS bailout

GMT 05:26 2017 Wednesday ,22 February

Singapore carbon tax would hit refiners, help renewables

GMT 05:18 2017 Wednesday ,22 February

Chinese PM: US should avoid ‘trade war,’

GMT 20:59 2017 Tuesday ,21 February

Economy good, but homes in German cities overpriced
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
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
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday