The debt crisis dragged the euro zone into its second recession since 2009 in the third quarter despite modest growth in Germany and France, data showed on Thursday.
The two leading economies both managed 0.2-per-cent growth in the July-to-September period.
But the resilience could not save the austerity-hit 17-nation bloc from overall contraction as the likes of The Netherlands, Spain, Italy and Austria shrank.
Economic output in the euro zone fell 0.1 per cent in the quarter, following a 0.2-per-cent drop in the second quarter.
Those two quarters of contraction put the euro zone’s €9.4-trillion ($12-trillion U.S.) economy in recession, although Italy and Spain have been contracting for a year already and Greece is suffering an outright depression.
A rebound in Europe is still far off…
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Malgré la résistance de l’Allemagne et de la France, la zone euro est entrée en récession. Eurostat, l’office statistique de l’Union européenne, souligne que le PIB de la zone euro s’est contracté de 0,1 %, au troisième trimestre de 2012, après un recul de 0,2 %au deuxième trimestre. Une récession est techniquement caractérisée par deux … Lire la suite »
The euro area (EA17) seasonally-adjusted unemployment rate was 11.6% in September 2012, up from 11.5% in August. The EU27 unemployment rate was 10.6% in September 2012, stable compared with August. In both zones, rates have risen significantly compared with September 2011, when they were 10.3% and 9.8% respectively. These figures are published by Eurostat, the statistical office of the European Union. Eurostat … Continue reading »
Unemployment in the Eurozone could reach almost 22 million over the next four years, up from 17.4 million, unless policies change course in a concerted manner, the ILO says in a report entitled “Eurozone job crisis: trends and policy responses” . The study warns that without a shift in policy direction all countries in the … Continue reading »
Euro zone manufacturing took another hefty blow in June and factories are preparing for worse to come, according to business surveys on Monday that showed jobs were cut at the fastest rate in two-and-a-half years. Markit’s Eurozone Manufacturing Purchasing Managers’ Index (PMI) was unchanged at 45.1 in June, above the preliminary reading of 44.8 and … Continue reading »
More than one in three young Italians are out of work after the youth unemployment rate hit a record 36.2pc in May. The figure was a rise from 35.3pc in April, and far outpaced the eurozone average of 22.6pc in May. Unemployment among the under-25s also remained a huge problem in Spain, where more than … Continue reading »