SME Times is powered by   
Search News
Just in:   • Sensex closes 330 points; bank stocks roll  • Renault to increase prices from next month  • GMR's Philippines JV raises USD 750 million for Cebu airport  • Bird flu alert: Import of poultry products banned in UP  • Government targets two trillion units electricity output by 2020 
Last updated: 27 Sep, 2014  

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

Euro.jpg
   Top Stories
» Insurance bill's fate hangs in balance
» We are not anti-reforms: Anand Sharma
» Holiday season to see 30 pc rise in biz this year: ASSOCHAM
» Ministry plans to expand renewable energy generation
» FM urges India Inc to build public opinion for GST bill
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
62.60
61.60
UK Pound
98.45
96.25
Euro
78.90
77.00
Japanese Yen 53.10 51.85
As on 22 Dec, 2014
  Daily Poll
Do you want a new body to replace the Planning Commission?
 Yes
 No
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(15)
» Entrepreneurship and skill development: Where do we stand(4)
» Credit scheme being implemented for SMEs(4)
» Govt proposes subsidy regime for SMEs in draft policy(3)
» Wholesale inflation at nil for November(2)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter