Connect to share and comment

Eurozone recession deepens in first quarter

Recession deepened across the eurozone in the first quarter of 2013, the latest growth figures released by the European Union on Wednesday showed with a 0.2 percent contraction between January and March. That marked the fourth consecutive quarterly shrinkage of economic output across the 17 states that share the euro currency -- home to some 340 million people -- and a 1.0 percent drop on a year-by-year comparison. rt/arp/lc

France enters recession in first quarter

France entered a recession in the first quarter this year with gross domestic product contracting 0.2 percent, after shrinking the same amount in the last quarter of 2012, the official INSEE statistics office said Wednesday. A recession corresponds to a drop in growth over two quarters. The news is further trouble for President Francois Hollande after unemployment hit a 16-year high earlier this year. Hollande's government is struggling to tackle the country's economic woes, with the president recording the lowest approval ratings of any modern French president.

France enters recession in first quarter

France entered a recession in the first quarter this year with gross domestic product contracting 0.2 percent, after shrinking the same amount in the last quarter of 2012, the official INSEE statistics office said Wednesday. A recession corresponds to a drop in growth over two quarters. The news is further trouble for President Francois Hollande after unemployment hit a 16-year high earlier this year. Hollande's government is struggling to tackle the country's economic woes, with the president recording the lowest approval ratings of any modern French president.

Czech recession persists as Slovakia expands

First-quarter data showed the Czech Republic firmly stuck in the longest recession in memory while smaller neighbour Slovakia saw an uptick in output, official data in both EU states showed Wednesday. Both ex-communist states, which formed Czechoslovakia until splitting peacefully in 1993, are heavily dependent on car production and exports mainly to the crisis-hit eurozone. Bratislava joined the European single currency in 2009 but Prague insists it will wait until its ongoing debt woes have been resolved.

Eurozone recession deepens in first quarter

Recession deepened across the eurozone in the first quarter of 2013, the latest growth figures released by the European Union on Wednesday showed with a 0.2 percent contraction between January and March. EU data agency Eurostat said that marked the sixth consecutive quarterly shrinkage of economic output across the 17 states that share the euro currency -- home to some 340 million people -- and a 1.0 percent drop on a year-by-year comparison.

Hungary exits recession with first-quarter GDP surprise

Hungary's GDP rose by 0.7 percent in the first quarter of 2013, the national statistics office KSH said Wednesday, ending the country's second recession in four years that began early last year. The increase, which exceeded analysts' forecasts, was due to growth in the construction and agricultural sectors, KSH said, and compares to a fall of 0.4 percent in the last quarter of 2012. Year-on-year, however, first-quarter GDP was down by 0.9 percent, KSH said. Final first-quarter GDP figures will be released on June 6, KSH added.

Recession in eurozone is now the currency bloc's longest, surpassing even 2008-2009 crisis

PARIS - The eurozone is now in its longest ever recession — a stubborn slump that has surpassed even the calamity that hit the region in the financial crisis of 2008-2009. The European Union statistics office said Wednesday that nine of the 17 EU countries that use the euro are in recession, with France a notable addition to the list. Overall, the eurozone's economy contracted for the sixth straight quarter, shrinking by 0.2 per cent in the January-March period from the previous three months.

Germany narrowly scrapes by recession

The German economy, Europe's biggest, got off to an unexpectedly weak start to the year, as it battled freezing winter weather, sagging exports and weak investment, official data showed on Wednesday. And at marginal growth of just 0.1 percent, the economy only narrowly escaped a recession, which is technically defined as two consecutive quarters of economic contraction.

European stock markets drop at open

Europe's main equity markets fell in opening deals on Wednesday, with sentiment hurt by news that France sank into recession in the first quarter of 2013, dealers said. In Paris the CAC 40 index of top shares dipped 0.18 percent to 3,959.02 points, Frankfurt's DAX 30 dropped 0.07 percent to 8,333.61 points, and London's FTSE 100 shed 0.19 percent to 6,673.40 points. France entered a recession in the first quarter this year with gross domestic product contracting 0.2 percent, after shrinking the same amount in the last quarter of 2012, official data showed.

France enters recession in first quarter

France entered a recession in the first quarter this year with gross domestic product contracting 0.2 percent, after shrinking the same amount in the last quarter of 2012, the official INSEE statistics office said Wednesday. A recession corresponds to a drop in growth over two quarters. The French finance ministry said that it still expected a tiny expansion of 0.1 percent for 2013 however. INSEE also revised lower the fall in purchasing power for French households in 2012 to 0.9 percent instead of a 0.4 percent fall forecast in March.
Syndicate content