Related News
Eurozone morale up after falling 8 months
Source: Agencies |
November 30, 2012, Friday
|
Print Edition
Print Edition
ECONOMIC morale in the eurozone improved for the first time in almost a year in November, but industry's reluctance to invest next year bodes poorly for a quick recovery from recession.
Sentiment towards the bloc's economy rose 1.4 points to 85.7, beating forecasts and ending an eight-month run of falls, the European Commission's monthly business and consumer survey showed yesterday. Germany and France gained strongly.
The commission's survey of industry found expectations of a 1 percent fall in real investment in 2013 compared to this year, however, casting doubt on European policymakers' predictions that growth will return next year.
"The economic outlook for the eurozone remains pretty dreadful," said Jonathan Loynes, chief European economist at Capital Economics in London.
The eurozone fell into a recession in July-September, its second since 2009, as French resilience failed to make up for a slump across Europe and the three-year-old debt crisis dragged on Germany, Europe's economic engine.
The debt problems that emerged in Greece in late 2009 following the global financial crisis and have since spread through the bloc continue to reverberate around the globe and hold back a lasting recovery.
The commission sees 0.1 percent growth in the eurozone economy next year, but the OECD and many international economists see the recession continuing in 2013.
"We expect the euro area to remain in recession in 2013," Citigroup said in a research note this week, predicting more interest rate cuts by the European Central Bank to try to stimulate the economy, which generates a fifth of global output.
Consumer confidence also fell in the eurozone in November, the survey showed, which is bad news because the bloc relies on shoppers to drive around half of its economic output.
Economic sentiment in November was still better than the decline expected by economists polled by Reuters.
The commission said confidence in industry increased significantly for the first time since February, helped by orders.
That may be a sign that the eurozone, while struggling at home with the debt crisis, may be benefiting abroad as the US and Chinese economies regain some strength.
Sentiment towards the bloc's economy rose 1.4 points to 85.7, beating forecasts and ending an eight-month run of falls, the European Commission's monthly business and consumer survey showed yesterday. Germany and France gained strongly.
The commission's survey of industry found expectations of a 1 percent fall in real investment in 2013 compared to this year, however, casting doubt on European policymakers' predictions that growth will return next year.
"The economic outlook for the eurozone remains pretty dreadful," said Jonathan Loynes, chief European economist at Capital Economics in London.
The eurozone fell into a recession in July-September, its second since 2009, as French resilience failed to make up for a slump across Europe and the three-year-old debt crisis dragged on Germany, Europe's economic engine.
The debt problems that emerged in Greece in late 2009 following the global financial crisis and have since spread through the bloc continue to reverberate around the globe and hold back a lasting recovery.
The commission sees 0.1 percent growth in the eurozone economy next year, but the OECD and many international economists see the recession continuing in 2013.
"We expect the euro area to remain in recession in 2013," Citigroup said in a research note this week, predicting more interest rate cuts by the European Central Bank to try to stimulate the economy, which generates a fifth of global output.
Consumer confidence also fell in the eurozone in November, the survey showed, which is bad news because the bloc relies on shoppers to drive around half of its economic output.
Economic sentiment in November was still better than the decline expected by economists polled by Reuters.
The commission said confidence in industry increased significantly for the first time since February, helped by orders.
That may be a sign that the eurozone, while struggling at home with the debt crisis, may be benefiting abroad as the US and Chinese economies regain some strength.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
