According to revised official figures, the economy of the eurozone, the sixteen European countries using the euro, did not grow at all in the final quarter of last year. Eurostat reports that the number was revised from an initial figure of +0.1%.
Meanwhile, the eurozone’s lost more than 2.2% in a year-on year comparison, more than the initial estimate of 2.1%.
According to the numbers, Ireland saw an output drop of 2.3% in the last quarter of 2009, while Greece, the country in the eurozone with the most debt, had its economy contract by 0.8%. Italy was down by 0.3%, Germany saw no gain, but France posted a 0.6% quarterly growth.
The Associated Press reports the stagnation was unexpected by analysts, and will only reinforce expectations that the European Central Bank will keep the key interest rate at one percent for most of 2010.
Euro banknotes and coins become legal tender in twelve of the European Union’s member states.
The euro (currency sign: €; currency code: EUR) is the official currency of fifteen member states of the European Union (EU).
The states, known collectively as the Eurozone are: Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovenia, and Spain. Read More…
88% of Slovenia’s population voted for independence in a plebiscite, and on June 25, 1991, the Republic of Slovenia declared its independence. On June 26, 1991 Croatia and Slovenia recognized each other as independent states.
A 10-day war with Yugoslavia followed (June 27, 1991 – July 6, 1991). The Yugoslav People’s Army (JNA) forces withdrew after Slovenia demonstrated stiff resistance to Belgrade. The conflict resulted in relatively few casualties: 67 people were killed according to statistics compiled by the International Red Cross, of which most (39) were JNA soldiers.
The Eurozone is now officially in a recession, due to the recently released figures showing that, in the third quarter of 2008, the economy shrunk by 0.2%.
For a recession to be official, the economy must have shrunk for at least two consecutive quarters. This is the case as the Eurozone’s economy also shrunk by 0.2% in the second quarter of this year.
Howard Archer, the chief European economist for Global Insight commented on these results. “Not only did the third quarter contraction in GDP confirm that the Eurozone is now in recession, but latest data and survey evidence indicate that the fourth quarter is likely to see a sharper fall in GDP as the financial crisis bites harder,” he stated.
This development comes after two large countries in the Eurozone, Germany and Italy announced that they were in a recession. Read More…
A European Union–United States summit held in Slovenia produced a draft declaration outlining the groups’ future cooperation on climate change, energy security and financial stability. Yesterday was the final day of the summit, the last EU-US summit that US President George W. Bush will attend in his current role.
Hopes of a major breakthrough on the topic of climate change were low going into the summit. The foreign minister of Slovenia, Dimitrij Rupel, commented last week that, “on climate change, the positions are split.” Members of the 27-nation EU have regularly expressed their dissatisfaction with the US for not having ratified the Kyoto Protocol, an agreement with binding greenhouse gas emissions targets. Doubts about the summit’s efficacy were not misplaced, as no firm targets were set for actions on climate change. Read More…