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Slight growth for eurozone sparks caution
By Pan Pylas |
February 13, 2010, Saturday
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Print Edition
Print Edition
THE 16-country eurozone's economy barely grew in the fourth quarter, official figures showed yesterday, as the single currency bloc's recovery from recession was constrained by its weakest members and Germany, its biggest economy, failed to grow.
Eurostat, the EU's statistics office, said the eurozone's gross domestic product grew by only 0.1 percent in the fourth quarter of 2009 from the previous three-month period.
Though that was the third consecutive quarterly increase, the rise was much lower than anticipated and may stoke concerns that the eurozone may dip back into recession. The third quarter increase of 0.4 percent had encouraged hopes that the eurozone recovery would be solid.
The consensus in the markets, before figures earlier showed Germany posted a flat performance in the fourth quarter, was for a 0.4 percent increase.
The Eurostat figures showed that the countries most affected by the debt crisis struggled.
Greece, which is in the eye of the market storm, saw its output shrink by 0.8 percent in the October-December period. Portugal's output was unchanged following two solid quarterly increases, and Spain's economy contracted by a further 0.1 percent.
France, the eurozone's second-largest economy, appears to have been the main reason behind the overall rise in the fourth quarter, as it posted a respectable 0.6 percent increase in output.
The wider EU, which includes non-euro members such as Britain and Sweden, saw fourth-quarter GDP rise by 0.1 percent too.
Eurostat, the EU's statistics office, said the eurozone's gross domestic product grew by only 0.1 percent in the fourth quarter of 2009 from the previous three-month period.
Though that was the third consecutive quarterly increase, the rise was much lower than anticipated and may stoke concerns that the eurozone may dip back into recession. The third quarter increase of 0.4 percent had encouraged hopes that the eurozone recovery would be solid.
The consensus in the markets, before figures earlier showed Germany posted a flat performance in the fourth quarter, was for a 0.4 percent increase.
The Eurostat figures showed that the countries most affected by the debt crisis struggled.
Greece, which is in the eye of the market storm, saw its output shrink by 0.8 percent in the October-December period. Portugal's output was unchanged following two solid quarterly increases, and Spain's economy contracted by a further 0.1 percent.
France, the eurozone's second-largest economy, appears to have been the main reason behind the overall rise in the fourth quarter, as it posted a respectable 0.6 percent increase in output.
The wider EU, which includes non-euro members such as Britain and Sweden, saw fourth-quarter GDP rise by 0.1 percent too.
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