Featured Stories World News Commentary Money Watch Multimedia Prison Planet U.S. News Science And Technology

Europe teeters on the brink of recession

  • Print Alex Jones Show podcast Prison Planet TV Infowars store

Grainne Gilmore
London Times
Thursday, Aug 14, 2008

Europe today edged closer to recession for the first time since the single currency was introduced in 1999, after the economy shrank by 0.2 per cent during the second quarter.

Output in the 15-nation eurozone during the three months to June fell from a 0.7 per cent increase in the first quarter. Overall, annual growth in Europe slowed from 2.1 per cent to 1.5 per cent.

It also emerged that European inflation remained at a record high of 4 per cent in July.

(Article continues below)

 

Last month’s inflation figure was revised down from an initial estimate of 4.1 per cent, but remains at double the European Central Bank’s target of close to 2 per cent.

Eurozone GDP was dragged down by the three biggest economies, Germany, France and Italy, which all contracted in the second quarter.

If GDP shrinks again between July and September, it will mean that Europe is in a recession. The technical definition of a full-blown slowdown is two consecutive quarters of contraction.

Full article here

This article was posted: Thursday, August 14, 2008 at 12:55 pm





Infowars.com Videos:

FEATURED VIDEOS
The Truth About the 'ISIS Bride' See the rest on the Alex Jones YouTube channel.

Jussie Smollett is a Complete Idiot See the rest on the Alex Jones YouTube channel.

https://www.youtube.com/embed/Rfi2O9yTCKI https://www.youtube.com/embed/NFYfqkrshp4

© 2020 PrisonPlanet.com is a Free Speech Systems, LLC company. All rights reserved. Digital Millennium Copyright Act Notice.