Europe in recession – finally, it’s official

Europe in recession – finally, it’s official


It was the sad ‘privilege’ of the PIIGS, mostly the Southern European countries to suffer declining growth rates and high unemployment. Since yesterday, when Eurostat released its GDP estimates for the first quarter of 2013, it’s now the whole eurozone, the block of 17 countries using the euro as their currency, and even the entire European Union (27 countries) that are concerned.

GDP fell by 0.2% in the eurozone (0.1% for the EU) compared with the previous quarter, but ...


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