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Germany may avoid recession as growth seen
Source: Agencies |
February 19, 2013, Tuesday
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Print Edition
Print Edition
GERMANY'S central bank says the country's economy is on track to avoid a recession as it shows signs of growth in the first three months of the year.
Europe's largest economy shrank 0.6 percent in the last quarter of 2012. Two straight quarters of falling output is a common definition of recession.
The Bundesbank says in its monthly report out yesterday that increasing business optimism and easing fears about the government debt crisis among the 17 European Union euro countries mean business may become more willing to invest and expand. That means that "a plus in total economic production can be expected for the first quarter of 2013."
A growing German economy could help speed the eurozone's recovery, which is mired in recession. Governments are cutting spending and raising taxes to reduce heavy levels of debt, slowing their economies.
Greece, Portugal and Ireland have needed bailout loans from the other eurozone members, while Spain and Italy are in recession with high unemployment.
The European Central Bank says the eurozone will fall 0.3 percent in 2013 and only start to recover later in the year.
Europe's largest economy shrank 0.6 percent in the last quarter of 2012. Two straight quarters of falling output is a common definition of recession.
The Bundesbank says in its monthly report out yesterday that increasing business optimism and easing fears about the government debt crisis among the 17 European Union euro countries mean business may become more willing to invest and expand. That means that "a plus in total economic production can be expected for the first quarter of 2013."
A growing German economy could help speed the eurozone's recovery, which is mired in recession. Governments are cutting spending and raising taxes to reduce heavy levels of debt, slowing their economies.
Greece, Portugal and Ireland have needed bailout loans from the other eurozone members, while Spain and Italy are in recession with high unemployment.
The European Central Bank says the eurozone will fall 0.3 percent in 2013 and only start to recover later in the year.
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