EU economy contracted worse-than-expected 0.3 percent in Q2October 7th, 2009 BRUSSELS - The European Union's economy contracted by a worse-than-expected 0.3 percent in the second quarter, according to final Eurostat estimates out Wednesday. The European statistical office had previously estimated a fall in the bloc's gross domestic product of 0.2 percent.
Amid signs of improving economy, ECB keeps key interest rate unchanged at 1 percentSeptember 3rd, 2009 European Central Bank keeps rates steadyFRANKFURT — Improving consumer and business sentiment are signs of an economic rebound in the countries using the euro, European Central Bank president Jean-Claude Trichet said Thursday — though he warned any recovery was bound to be uneven. Speaking to reporters after the bank left its benchmark rate unchanged at 1 percent, Trichet said that any rebound was "expected to be uneven" both "inside and outside the euro area."
The cautious tone of Trichet's remarks led economists to conclude the bank will not be raising interest rates from their record low for some time to come.
EU says household spending lifted euro-zone economy in the second quarterSeptember 2nd, 2009 Spending lifts euro economy in 2QBRUSSELS — Higher household spending supported the euro zone economy in the second quarter, the European Union statistics agency said Wednesday, in another upbeat sign for growth prospects. Eurostat confirmed an earlier estimate that the economy of the 16 nations that use the euro shrank by just 0.1 percent quarter-on-quarter, far less severely than officials had forecast, due to growth in the two biggest euro nations Germany and France.
Euro zone industrial orders rise 3.1 percent in June from May, down in wider EUAugust 24th, 2009 Euro zone industrial orders rise in JuneLONDON — Industrial orders in the 16-nation euro zone rose 3.1 percent in June from the quarter before, official data showed Monday, suggesting the manufacturing sector could be emerging from recession. The European statistics agency Eurostat said new orders — a key gauge of industry's future growth — rose in both France and Germany, which emerged from recession in the second quarter, as well as Ireland, which has been among the hardest-hit by the global economic crisis.
Euro area economy stabilized in August as optimism soarsAugust 21st, 2009 Euro area economy stabilized in AugustLONDON — Further evidence emerged Friday that the 16 countries using the euro are on the verge of growing again following the most savage recession since the Second World War. Financial information company Markit said mounting optimism helped its composite purchasing managers' index — a broad gauge of business activity — for the euro zone rise by a record three points in August to 50.
Recession ends in France and Germany; Hopes rise for European economyAugust 13th, 2009 Recession ends in France and GermanyLONDON — Government programs to support the auto industry helped Germany and France return to economic growth in the second quarter, rebounds that stoked hopes the recession in the wider 16-country euro area may also end sooner than thought. Europe's two biggest economies each saw growth of 0.3 percent from the previous three-month period, surprising analysts' expectations for equivalent declines and technically ending their worst recession in decades.
France, Germany return to growth, hopes rise for European economyAugust 13th, 2009 France, Germany return to growthLONDON — Government programs to support the auto industry helped Germany and France return to economic growth in the second quarter, rebounds that stoked hopes the 16-country euro area may recover sooner than thought. Europe's two biggest economies each saw growth of 0.3 percent from the previous three-month period, in contrast to expectations for equivalent declines.
European stocks pare gains after downbeat US data prompts early Wall Street reverseAugust 13th, 2009 European stocks pare gains after downbeat US dataLONDON — European stock markets trimmed gains Thursday as Wall Street opened lower after disappointing U.S. retail sales data reined in optimism about the speed of recovery in the world's largest economy.
Rebounds in France, Germany, stoke hopes of rise for European economyAugust 13th, 2009 France, Germany return to growth in 2nd quarterLONDON — Government programs to support the auto industry helped Germany and France return to economic growth in the second quarter, rebounds that stoked hopes the recession in the wider 16-country euro area may also end sooner than thought. Europe's two biggest economies each saw growth of 0.3 percent from the previous three-month period, surprising analysts' expectations for equivalent declines and technically ending their worst recession in decades.
Dollar drops as Germany, France unexpectedly see growth in 2Q; US retail sales drop in JulyAugust 13th, 2009 Dollar drops as Germany, France see growthNEW YORK — The dollar dropped Thursday as Germany and France returned to economic growth and U.S. retail sales slipped unexpectedly last month.
European industrial production falls in JuneAugust 12th, 2009 BRUSSELS - Industrial production in the 16-nation euro area posted a monthly decline of 0.6 percent in June and plummeted by 17 percent when compared to the same month last year, data released Wednesday showed. The European Union statistics office (Eurostat) said month-on-month output in the 27-member European Union also fell, by 0.2 percent.
Dutch finance minister: Germany, France hurting euro economy by going opposite waysJuly 7th, 2009 Netherlands: Germany and France jeopardize pactBRUSSELS — The Netherlands charged Tuesday that France and Germany are running their economies so differently that they are threatening the rules that underpin the stability of the euro. Dutch Finance Minister Wouter Bos said France and Germany "are sending different signals about how they regard the necessity to put public finances in order."
He told reporters that it was "worrisome" that neither Berlin not Paris will acknowledge publicly that they are taking vastly different paths to return their slumping economies to growth.
Mixed April performance for Europe's manufacturers; Britain's poised for growth againJune 10th, 2009 UK manufacturing grows again in April, France lagsLONDON — A sharp increase in car production helped Britain's industrial sector grow again in April, though manufacturers in France and Sweden continued to reel from the slump in global trade, official figures showed Wednesday. Figures showed that industrial production in Britain rose by 0.3 percent between March and April.
EU to warn Germany, other euro nations on ballooning budget deficitsJune 8th, 2009 EU to warn Germany, other euro nations on deficitsLUXEMBOURG — The European Commission said Monday that it will formally warn eight euro zone nations — including Germany, a champion of fiscal prudence— about ballooning budget gaps that will break EU rules. Germany's budget deficit is expected to reach 3.9 percent of the country's gross domestic product in 2009.
Euro-zone retail sales slide by record 4.2 percent in March as recession deepensMay 6th, 2009 Euro-zone retail sales slide by record 4.2 pctBRUSSELS — Retail trade in the 16 nations that use the euro slid by a record 4.2 percent in March from a year ago, the EU statistics agency said Wednesday, as recession-hit shoppers cut back over worries on rising unemployment. The European Union said some 8.5 million jobs will disappear this year and next year as the economies of both the euro area and the 27-nation European Union shrink by 4 percent.
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