The recession in Eurozone

In the eurozone as a whole, industrial production fell 1.9 percent in May, the sharpest one-month decline for the region since the exchange rate crisis in 1992. European car sales fell 7.8 percent in May compared with a year earlier.^[1] Retail sales fell by 0.6 percent in June from the May level and by 3.1 percent from June in the previous year. Germany was the only country out of the four biggest economies in the eurozone to register an increase of activity in July though the increase was sharply down. Economic analysts from RBS and capital Economics say the decline raises the risk of the eurozone entering a recession in 2008.^[2] In the second quarter, the eurozone's economy was reported to have declined by 0.2 percent.^[3] The economy declined again in the third quarter putting the eurozone in a technical recession.

References

1. ^ "European recession looms as Spain crumbles". Daily Telegraph. 2008-07-18.
2. ^ "Eurozone business activity 'close to seven-year low'". Agence France-Presse. 2008-08-06.
3. ^ "Europe: Oil Falls, Stocks Rise". Forbes. 2008-08-14.

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