THE 17-nation eurozone sank further into recession in the last three months of 2012 as the debt crisis continued to exact a heavy price, official data shows.
The eurozone economy shrank 0.6 per cent in the fourth quarter of 2012 compared with the third quarter when it contracted 0.1 per cent, the Eurostat data agency said on Wednesday, confirming initial estimates given in February.
For the full 27-member European Union, the economy was 0.5 per cent smaller in the fourth quarter after a marginal gain of 0.1 per cent in the third, Eurostat said.
A recession is counted as two consecutive quarterly economic contractions.
Compared with fourth quarter 2011, the eurozone economy was down 0.9 per cent and the EU 27 off 0.6 per cent.
Among the major economies, European powerhouse Germany shrank 0.6 per cent in the fourth quarter after a gain of 0.2 per cent in the third and France slipped 0.3 per cent after growth of 0.1 per cent.
Non-euro Britain lost 0.3 per cent after sharp growth of 1.0 per cent in the third quarter, boosted by the London Olympics.
Among the fourth quarter best performers were Estonia, which grew 0.9 per cent and Lithuania, up 0.7 per cent, while bailed-out Portugal was the weakest, with its economy shrinking 1.8 per cent.
Eurostat said that for 2012 as a whole, the eurozone economy contracted 0.6 per cent and the EU 0.3 per cent.
Data so far for 2013 suggests the European economy is stabilising after a bad 2012, but the outlook remains weak and uncertain.
Howard Archer of IHS Global Insight said the eurozone recession may have deepened in the fourth quarter, but it should mark the bottom of the slump.
“The good news is that the fourth quarter of 2012 almost certainly marked the low point for eurozone economic activity as a significant easing of eurozone sovereign debt tensions underpinned by the European Central Bank’s policy actions” has boosted confidence and the markets, Archer said in a statement.
“The bad news is that real economic activity is yet to show major improvement in many countries and it looks highly likely that growth will remain a major struggle for the eurozone for some time to come.”
Read more: http://www.news.com.au/breaking-news/world/eurozone-ended-2012-deeper-in-recession/story-e6frfkui-1226591979799#ixzz2Mv6p87Yg
World Day for Safety and Health at Work
“Safety and health at work every day!”
Invoke Article 33 of the ILO constitution
against the military junta in Myanmar to carry out the 2021 ILO Commission of Inquiry recommendations against serious violations of Forced Labour and Freedom of Association protocols.
Accept National Unity Government
(NUG) of Myanmar.
Reject Military!
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Monthly Observances:
March – Women’s Role in History Month
April – Month of Planet Earth
Weekly Observances:
Last Week of March: Protection and Gender Fair Treatment of the Girl Child Week
Last Week of April – World Immunization Week
Daily Observances:
Mar 25 – International Day of Remembrance of the Victims of Slavery and the Transallantic Slave Trade
Mar 27– Earth Hour
Apr 21 – Civil Service Day
Apr 22 – World Earth Day
Apr 28 – World Day for Safety and Health at Work
