Euro Zone economic decline deepens

Euro Zone economic decline deepens
# 15 February 2013 07:56 (UTC +04:00)

Baku. Nijat Mustafayev – APA-Economics. European markets declined across the region after the economy in the currency union shrank in the final quarter by 0.6%. For the 2012, the economy in the region fell 0.5%. However, in the quarter the decline deepened in Greece, Spain, Portugal and Italy. Nestle reported lower than expected increase in sales, APA-Economics reports.

Market indexes across Europe declined after economy shrank in the fourth quarter in the region.

In the three months to December, economy in the euro zone shrank 0.6% from the previous three months, according to the latest data released by the statistics office of the European Union. The GDP declined 0.5% in 2012 from the previous year.

Economy in Germany shrank 0.6% and in Italy declined 0.9% but France suffered lower shrink of 0.3%.

The downturn in Spain and Portugal deepened in the quarter and Greece continued to suffer with the largest plunge in the currency union. Annualized rates of decline increased in Italy to 3.7% in the quarter, in Portugal deepened to 7.2% and in Greece dropped to 6% compared to a year ago.

Of the 17 largest markets in Europe, 15 declined. Market index in Spain plunged 1.9% and in Switzerland eased 0.3%.

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