TNBiz (TNBiz)
Macroeconomics  |  May 12, 2012 09:14:55

Eurostat has published a preliminary estimate of the euro area economy in the first quarter


BRUSSELS (MEDIAFAX) - European statistical office Eurostat on Tuesday published a preliminary estimate of the euro area economy in the first quarter of this year. In the last three months of last year, the euro area economy and the entire European Union, both by quarter declined 0.3 percent.

Decline in the last quarter of last year stood at 0.7 percent in the eurozone and the EU 0.9 percent.

For comparison, in the third quarter of last year, both units held QoQ growth - in the euro area by 0.1 percent and 0.3 percent of the EU. Annual growth in the third quarter was 1.3 percent in the euro area and 1.4 percent in the EU.

"Problem countries in the euro area is increasing. They are mainly Italy and Spain. And the eurozone economy to fall year on year basis by 0.2 percent, as well as on QoQ basis.For the euro area, but it means a significant drop, "the agency estimated the financial markets, unless otherwise indicated analyst Next Finance Martin Prokop.

The economy of the eurozone this year, according to a new forecast by the European Commission (EC) falls by 0.3 percent, while the entire European Union economy will stagnate. Next year but gross domestic product (GDP) by the European Commission should start growing again. In the euro area equal to one percent across the EU and by 1.3 percent.

Tomáš Králíček, kralicek@mediafax.cz

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