The euro-area economy will cringe in back-to-back years for a initial time, pushing stagnation aloft as governments, consumers and companies quell spending, a European Commission said.
Gross domestic product in a 17-nation segment will tumble 0.3 percent this year, compared with a Nov prophecy of 0.1 percent growth, a Brussels-based elect foresee today. Unemployment will stand to 12.2 percent, adult from a prior guess of 11.8 percent and 11.4 percent final year.
Economic and Monetary Affairs Commissioner Olli Rehn pronounced authorities contingency press on with reforms to finish a region's debt predicament and assistance a recovery. While "hard data" has been disappointing, there also has been some-more enlivening "soft data" that points to improved times, he told reporters today.
A strengthening of a euro economy after this year may
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Source:
http://www.news.ezonearticle.com/2013/02/22/eu-says-euro-zone-to-shrink-in-2013-as-unemployment-rises/
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