InfoAnda - Recession storm sinks Europe

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Recession storm sinks Europe AFP - Saturday, May 16 PARIS (AFP) - - The global recession stormed into Europe with a vengeance in the first quarter, data showed Friday, pushing the economy deeper into the mire and casting a shadow over predictions the worst may soon be over. ADVERTISEMENT The 16-nation eurozone economy contracted a record 2.5 percent in the first three months of the year, the deepest slump ever going back to 1995, after shrinking 1.6 percent in the last quarter of 2008, the Eurostat agency said. Compared with a year earlier, the eurozone was down 4.6 percent while the wider 27-nation European Union economy shrank 4.4 percent. Analysts had been expecting a contraction of 2.2 percent on the quarter and 4.1 percent on the year. Eurostat figures also showed that the worst global slump since the 1930s Great Depression was now hitting Europe harder than the United States, the epicentre of the storm, whose economy shrank 1.6 percent in the first quarter and 2.6 percent over one year. National data showed that Germany, Europe's biggest economy, registered its worst performance since modern records began in 1970 with a contraction of 3.8 percent in the first quarter, The quarterly contraction in Germany, the world's biggest exporter, was even steeper than the 2.2 percent fall recorded in the final three months of 2008 and topped analyst forecasts for a drop of 3.2 percent. The dismal German outcome was followed by other figures showing a first quarter contraction of 1.2 percent in France and 2.4 percent in Italy. Despite the dire situation, economists said the recession may have bottomed out in the first quarter -- although that did not mean that a quick recovery could be expected. "At least though, this should mark the nadir in the eurozone's recession as there are mounting signs that the rate of contraction is now moderating," IHS Global Insight economist Howard Archer said. "Nevertheless, we suspect that actual growth remains some way away with the result that eurozone GDP (gross domestic product) could well contract by as much as 4.5 percent this year," he added. At the same time, the weaker and more exposed economies of Central and Eastern Europe were sinking further into the mire, prompting the European Bank for Reconstruction and Development (EBRD) to say it would invest billions of euros (dollars) there in an effort to hold the line. The regional economies were expected to shrink by a collective 5.2 percent this year before staging a slight recovery with growth of 1.4 percent in 2010, the EBRD said. The EBRD said it had invested 2.3 billion euros in the region so far this year and aimed to invest a record 7.0 billion euros by the end of 2009 to help it avoid the worst of the global slump. Data from the region on Friday showed Romania and Austria the latest countries to officially slide into recession while Hungary and Slovakia also registered sharp falls in economic output. International Monetary Fund chief Dominique Strauss-Kahn was at pains to play down the plight of the eastern European economies, saying their problems were neither bigger nor smaller than for other emerging countries. The IMF was already bailing out four countries in the region -- Hungary, Latvia, Romania and Serbia -- as well as Ukraine, Strauss-Kahn told reporters in Vienna, "and maybe we will have some more programmes in the coming weeks or months." On the global outlook, Strauss-Kahn said the IMF was still confident that there should be a recovery early next year although efforts had to be kept up to ensure that came about, especially on repairing the stricken banking system. "We still see a recovery in first semester of 2010 and the beginning of the turning point in October, November or December" this year, he said. Meanwhile, there was a glimmer of light in Japan, whose export dependent economy, like Germany's, has been badly hit by the global recession. Central bank figures showed wholesale prices fell 3.8 percent in April from a year earlier, the steepest drop in 22 years, but core machinery orders were down 1.3 percent in March from February, less than expected. Japanese Finance Minister Kaoru Yosano said these figures suggested the recession was abating in Japan. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Enlarge Photo Cranes at a construction site in Berlin. The global recession stormed into Europe with a vengeance in the first quarter, data showed Friday, pushing the economy deeper into the mire and casting a shadow over predictions the worst may soon be over. Most Popular – Top Stories Viewed Popular cereal is a drug, US food watchdog says Coral Triangle could die by century's end: WWF British store admits it boobed in bra row Australian zoo evacuated after orangutan escape EU fines Intel record 1.06 billion euros View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. 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