BRUSSELS: 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.
While core economy Germany clambered out of negative territory with 0.1-percent growth after a 0.7-percent slide at the end of 2012, France logged a 0.2-percent reduction and both Italy and Spain posted 0.5-percent drops, the figures verified by Eurostat showed.
“We expect the eurozone to suffer gross domestic product (GDP) contraction of 0.7 percent in 2013 with very gradual recovery only starting in the latter months of the year,” said London-based IHS Global Insight analyst Howard Archer.
The latest official European Commission forecast for 2013 released earlier this month tipped a 0.4-percent contraction.
No figures were given for Ireland, among the bailout economies, which appeared to have turned the corner in the previous quarter with flat instead of negative growth.
Cyprus, at negative 1.3 percent, can expect a sharp acceleration later, given that the figure was for the period prior to bailout negotiations that saw banks in lockdown for a fortnight.
Dear TNT Reader,
At The News Tribe, our mission is to bring you free, independent, and unbiased news and content that keeps you informed and empowered. We are committed to upholding the highest standards of journalism, as we understand that we are a platform for truth.
Apart from independent global news coverage, we also commit our unique focus on the Muslim world. In an age marked by the troubling rise of Islamophobia and widespread misrepresentation of Muslims in Western media, we strive to provide accurate and fair coverage.
But to continue doing so, we need your support. Even a small donation of 1$ can make a big difference. Your contribution will help us maintain the quality of our news and counteract the negative narratives that are so prevalent.
Please consider donating today to ensure we can keep delivering the news that matters. Together, we can make a positive impact on the world, and work towards a more inclusive, informed global society.
Donate Monthly Subscription Annual Subscription