11 January, 2013

EUROPEAN ECONOMY: Growing Start This Year Predicted

President of the European Union (EU) Herman Van Rompuy predicts the economy amid the eurozone debt crisis will terlilit posted growth this year after falling in 2012.

"More and more signs that 2013 will likely mark the end of the euro zone recession, but the unemployment rate across the EU is actually very high," Van Rompuy said in a speech text released in Dublin on Thursday (10/1).

The European Commission on Wednesday (9/1) report the economy in the euro zone in December 2012 rose to its highest level in 5 months. However, the unemployment rate remained at 11.8% which is the highest level.

Based on the median estimate of economists surveyed by Bloomberg earlier, the euro zone economy in the final quarter of last year will again shrink after growth fell in the previous two quarters.

"When the economy recorded growth again, it takes time before there is a clear effect to sustain jobs," said Van Rompuy.

No comments: