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Euro zone growth halts for first time in 15 years (Irish Independent)

04 November 2011

The economies of the 15-nation euro zone shrank for the first time in 15 years during the second quarter and look likely to move into a full recession.

The figures dashed any lingering belief that the euro area could escape the problems of the USA because fewer of its members have serious property and banking problems.

Instead, the euro area may well fare worse than the US, which has recorded growth of 0.5pc. Euro zone gross domestic product (GDP) shrank by 0.2pc from the first quarter, the European Union statistics office in Luxembourg said.