The eurozone is likely to face a state of recession once again as the zone is facing economic decline for the two consecutive quarters justifying the official definition of recession.
The 17 nation Eurozone economy dripped by 0.1 percent during July-September period after facing an early decline of 0.2 percent in the second quarter according to the European Union's statistics agency.
EU, which has 27 members, avoided the state of recession by reducing the 0.2 percent decline in April-June to 0.1 percent in the third quarter, Eurostat said in its latest estimates.
Earlier, the GDP of Eurozone was slashed by 0.6 percent in the third quarter in comparison to the same period in 2011. However, the EU economy as a whole had year-on-year growth of 0.4 percent.
The expenses of households remained steady in the third quarter in the eurozone nations and rose slightly across the EU, Eurostat said.
Capital formation declined by 0.7 percent in the eurozone and 0.6 percent in the wider EU, while exports surged 0.9 percent for both.
The unemployment rate for the countries that use the euro was increased in October to a record-high 11.7 percent, Eurostat said last Friday.
Spanish unemployment rose from 25.8 percent in September to 26.2 percent, the highest rate in the EU, followed by Greece, 25.4 percent; and Portugal, 16.3 percent.
Nearly 26 million people were reported unemployed in the entire European Union and 18.7 million people in the eurozone in October, according to Eurostat estimates.
-With inputs from IANS
|
|
Comments:
