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Economy
In reply to the discussion: STOCK MARKET WATCH -- Tuesday, 14 August 2012 [View all]
xchrom
(108,903 posts)31. EUROPE ON THE EDGE OF RECESSION
http://hosted.ap.org/dynamic/stories/E/EU_EUROPE_ECONOMY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-08-14-06-23-55
EUROPE ON THE EDGE OF RECESSION
LONDON (AP) -- Europe is edging closer to recession, dragged down by the crippling debt problems of the 17-country euro bloc, official figures showed Tuesday.
Eurostat, the European Union's statistics agency, revealed that the economies of both the eurozone and the wider 27-country EU shrank by a quarterly rate of 0.2 percent in the second quarter of the year. In the first quarter, output for both regions was flat. A recession is officially defined as two straight quarters of falling output.
Europe's stumbling economy is making it harder for other economies around the world to recover. The region is the U.S.'s largest export customer and any fall-off in demand will hit order books - as well as President Barack Obama's election prospects.
"The big picture is that the economic growth required to bring the region's debt crisis to an end is still nowhere in sight," said Jonathan Loynes, chief European economist at Capital Economics.
EUROPE ON THE EDGE OF RECESSION
LONDON (AP) -- Europe is edging closer to recession, dragged down by the crippling debt problems of the 17-country euro bloc, official figures showed Tuesday.
Eurostat, the European Union's statistics agency, revealed that the economies of both the eurozone and the wider 27-country EU shrank by a quarterly rate of 0.2 percent in the second quarter of the year. In the first quarter, output for both regions was flat. A recession is officially defined as two straight quarters of falling output.
Europe's stumbling economy is making it harder for other economies around the world to recover. The region is the U.S.'s largest export customer and any fall-off in demand will hit order books - as well as President Barack Obama's election prospects.
"The big picture is that the economic growth required to bring the region's debt crisis to an end is still nowhere in sight," said Jonathan Loynes, chief European economist at Capital Economics.
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