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Eurozone GDP shrinks 0.3% in Q4

03-07-2012 11:04 BJT

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European financial markets are slammed by uncertainty over Greece's debt swap and fresh figures showing that a collapse in household spending, exports and manufacturing sucked the life out of the eurozone’s economy in the final months of last year. It indicates the scope of the downturn that looks set to become a fully fledged recession.

Output in the 17-nation currency bloc shrank three tenths of a percent in October to December from the third quarter. European households, suffering from deep cuts in government spending and rising unemployment, reduced their spending by four tenths of a percent.

Government expenditure fell two tenths of a percent, and imports into the euro zone fell 1.2 percent.

But things are starting to look up. European Union Economic and Monetary Affairs Commissioner Olli Rehn says there are signs of improvement despite the region being in the grip of a mild recession. He believes the European economy will see a turning of the tide if decisive actions continue.

 

Editor:Zhang Rui |Source: CNTV.CN

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