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| Growth and Recession in the EU |
| (2013-05-16) |
| Last updated: 2013-05-17 14:14 EET |
In the first 3 months of the year Romania reported a 0.5% economic growth rate since the last quarter of 2012, according to the National Statistics Institute. However, the EU reported recession in the first quarter, as the region continued its downward economic trend.
The EU went into recession in the first quarter of this year, with a 0.1% decrease of the GDP, after the 0.5% fall during the last three months of 2012, according to data made public by Eurostat. In the eurozone as well, contraction continued for the sixth consecutive quarter, with the zone reporting a 0.2% drop in January-March this year, after a 0.6% decrease in the last quarter of 2012.
The eurozone recession is the longest since the introduction of the single currency in 1999, and three of the region’s largest economies are affected. France, the second-largest European economy, went into recession for the third time in four years, with a 0.2% decrease. One year into his term in office, President Francois Hollande is forced to take measures to boost economic growth, after the number of the unemployed in his country reached a record-high 3.2 million, analysts say.
Amid worries regarding a second running year of economic contraction, Hollande is trying to facilitate a slow-down in the decrease of the GDP in the monetary union member states. Italy and Spain are also in recession, with a 0.5% fall of the GDP in the first quarter. This is the seventh consecutive quarter of contraction for the Italian economy.
On the other hand, Europe’s economic engine, Germany, managed to secure a modest 0.1% economic growth rate in the first three months of the year. Alongside Germany, several other countries, such as Belgium, Bulgaria, Latvia, Lithuania, Hungary, Poland, Slovakia and the UK reported economic growth, while Austria’s economy stood still. Hungary exceeded all expectations, reporting a 0.7% economic growth rate for the first quarter of the year.
Romania, too, performed better this year, with a 0.5% rise in the GDP compared to the last quarter of 2012, according to the National Statistics Institute. In its latest report, the International Monetary Fund estimated a 1.6% growth rate for Romania this year, and the National Forecast Commission lowered its economic growth forecasts for 2013, from 2% to 1.6%. Last year, Romania’s economy saw a 0.7% increase compared to 2011.
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2025-04-03
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