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Eurozone stares at recession
Source: Agencies |
February 16, 2012, Thursday
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Print Edition
THE 17-nation eurozone has one foot in recession, according to official figures showing the economy shrank 0.3 percent in the final quarter of 2011 from the previous quarter, a clear sign that Europe's debt crisis has spared no country in the single currency bloc.
The fall was the first since the second quarter of 2009 and followed a 0.1 percent rise in the previous three-month period, Eurostat, the European Union's statistics agency, said yesterday.
The figure was slightly better than expected but shows Europe's economy was hit severely when the debt crisis intensified and threatened to spread to big economies like Italy. In November, it seemed that Italy would need a rescue.
The fall was the first since the second quarter of 2009 and followed a 0.1 percent rise in the previous three-month period, Eurostat, the European Union's statistics agency, said yesterday.
The figure was slightly better than expected but shows Europe's economy was hit severely when the debt crisis intensified and threatened to spread to big economies like Italy. In November, it seemed that Italy would need a rescue.
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