The international ratings agency Standard and Poor's slashed its 2012-2013 eurozone growth forecasts on Tuesday, and now expects a slightly stronger economic contraction this year. S&P said that business activity would likely decline by 0.8 percent across the 17-nation bloc rather than by 0.7 percent, its previous forecast issued in July. For 2013, the ratings agency expects the eurozone economy to record no growth, revising the earlier outlook for a slight expansion of 0.3 percent. "Recent economic indicators continue to paint a bleak picture for Europe," a statement quoted Jean-Michel Six, S&P chief economist for Europe as saying. "The data are confirming our view that the region is entering a new period of recession, after three quarters of negative or flat growth since the final quarter of 2010," he added. A breakdown by country showed Spain in the most dire position, with a projected contraction of 1.8 percent this year followed by a decline of 1.4 percent in 2013. That compared with previous estimates of -1.7 percent and -0.6 percent. Germany, the biggest eurozone economy, is forecast to post growth of 0.6 percent this year, unchanged from the previous outlook, followed by a 1.2 percent expansion in 2013, slightly below the earlier figure of 1.4 percent.
GMT 12:09 2018 Monday ,26 November
Black Friday less wild as more Americans turn to online dealsGMT 15:07 2018 Sunday ,18 November
Refugee host countries discuss UNRWA's financial crisisGMT 17:22 2018 Wednesday ,31 October
Russia climbed to 31st place in Doing Business-2019 ratingGMT 16:53 2018 Wednesday ,17 October
"Putin" We need for collective restoration of Syria's economyGMT 14:02 2018 Friday ,12 October
Govt to announce incentives package for Overseas PakistanisGMT 18:26 2018 Saturday ,06 October
Dubai attracts Dh17.7 billion in foreign direct investmentGMT 09:02 2018 Friday ,21 September
Economy of Georgia demonstrates "strong signs of recovery"GMT 09:03 2018 Wednesday ,24 January
German investor confidence surges in JanuaryMaintained 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 ©
Send your comments
Your comment as a visitor