SME Times is powered by   
Search News
Just in:   • Adani Group to invest Rs 57,575 crore in Odisha  • 'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap  • 49% Indian startups now from tier 2, 3 cities: Jitendra Singh  • 'India ranks 3rd in global startup ecosystem & number of unicorns'  • LinkedIn lays off entire global events marketing team: Report 
Last updated: 27 Sep, 2014  

Euro.Thmb.jpg Euro zone economy contracts in third quarter

Euro.jpg
   Top Stories
» 49% Indian startups now from tier 2, 3 cities: Jitendra Singh
» 'India ranks 3rd in global startup ecosystem & number of unicorns'
» Tripura exported over 9K tonnes of pineapples in 2 years
» CPI inflation eases to 6.71% in July, IIP falls to 12.3%
» Rupee depreciates 12 paise to close at 79.64 against US dollar
IANS/EFE | 16 Nov, 2012

The economy of the 17-member euro zone contracted 0.1 percent in the third quarter, the Eurostat statistics office said Thursday.

Spain, the fourth-largest euro zone nation, saw its economy shrink by 0.3 percent compared with the second quarter and by 1.6 percent from June-September of 2011.

At least seven of the 27 European Union countries were in recession in the third quarter, including euro zone members Spain, Italy, Portugal and Greece.

Lisbon and Athens have been forced to impose harsh austerity policies in exchange for EU help in paying their creditors, while Madrid has engaged in voluntary belt-tightening without seeking a bailout from Brussels.

Ireland, also subject to EU-mandated austerity, technically emerged from recession in the third quarter, but unemployment remains high, though well short of the 25 percent jobless rate in Greece and Spain.

The Eurostat report also showed that the Dutch economy shrank 1.1 percent in the third quarter.

Germany, Europe's economic giant, logged growth of 0.2 percent in the June-September period, down from 0.3 percent in the second quarter.

The No. 3 euro zone economy, France, grew 0.2 percent after slipping 0.1 percent in the previous quarter.

The one bright spot in Thursday's data was non-euro-member Britain, which posted an expansion of 1 percent after declines in the first and second quarters.

 

 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 13 Aug, 2022
  Daily Poll
PM Modi's recent US visit to redefine India-US bilateral relations
 Yes
 No
 Can't say
  Commented Stories
» GIC Re's revenue from obligatory cession threatened(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter