Eurozone headed for longest recession since records began – 15/05/13
According to Eurostat, the EU’s statistics office, the eurozone shrank 0.2% in the first quater of 2013. This is the 17-nation economy’s sixth straight quarter in which there has been negative growth, making it the longest running recession since the eurozone’s records began in 1995. Although the recession is not as deep, it surpasses the five quarters of negative growth that occurred after the global financial crash of 2008/2009. In addition to the French economy, there was a contraction in the economies of Finland, Cyprus, Italy, the Netherlands, Portugal and Greece. There is little hope of Germany aiding in a recovery of the eurozone economy, as the German economy grew only 0.1%, a figure that was weaker than was expected. Read More