Monday Jan 26, 2015 Search
Weather | Athens
17o C
10o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Unexpected drop in eurozone output clouds recovery hopes further

By Martin Santa

Eurozone industrial production contracted unexpectedly for a second month in a row in June, further denting hopes of a stronger recovery as the bloc starts to take the hit from conflict in Iraq, Ukraine and Gaza, data showed on Wednesday.

Output at factory gates single currency bloc fell 0.3 percent on the month in June after a 1.1 percent drop in May, against market expectations of a 0.3 percent rise.

When compared with the same period of last year, production was flat, following an upwardly revised 0.6 percent rise in May, while economists polled by Reuters expected a 0.1 percent annual increase in June.

It was the lowest annual reading since August 2013.

The monthly drop was due mainly to a 1.9 percent drop in production of non-durable consumer goods, down for a second consecutive month and 0.7 percent fall in energy production, which was up in the previous three months.

Economic recovery in the 9.6 trillion euro economy is struggling to gain momentum a year after exiting a recession, throttled by combination of high unemployment, sluggish reform the fallout from conflict in Ukraine, Gaza and Iraq.

The latest sign of just how fragile the euro zone's economic rebound remains came from Germany on Tuesday where investor sentiment nosedived to its lowest since December 2012 on what impact European sanctions against Russia will have.

Eurostat will publish the second quarter economic growth flash estimate on Thursday. Economists surveyed by Reuters expected an expansion of 0.2 percent on the quarter in the three months to June, the same pace as seen in the first quarter.

While the bloc's three largest economies saw production rising on the month in June, Germany's industrial output fell 0.4 percent year-on-year in June in the country's first annual drop since July 2013.

The bloc's No. 2 economy, France, saw flat output on the year in June, its best performance since December, and Italy's industrial production rose by 0.4 percent in June after a 1.7 percent decline in May.

Much stronger expansion, a scenario not seen as likely any time soon, is needed to spur job creation and rejuvenate countries choked by austerity and the legacy of recession.

[Reuters]

ekathimerini.com , Wednesday August 13, 2014 (12:23)  
Talks with troika the main test
Fiscal gap from revenues at 2.3 bln euros
Liquidity noose tightening around local lendersí necks
Banks make plans for tackling impact of Swiss francís growth on borrowers
SYRIZA heads for historic victory but without majority
SYRIZA was on the verge of a historic election victory on Sunday night but one that might not hand the leftist party an outright parliamentary majority, raising doubts about whether a govern...
Prison probes violent attack against N17 convict Xeros
Authorities at Domokos Prison in central Greece were investigating over the weekend an attack by an inmate on November 17 terrorist Christodoulos Xeros. According to Xerosís lawyer, Fragisko...
Inside News
SOCCER
Olympiakos overcomes depleted OFI at Iraklio
Easy though it may seem, Olympiakosís 3-0 win at depleted OFI Crete was rather difficult on Saturday, but was enough to keep the Reds on top on Saturday, as they have maintained their two-po...
BASKETBALL
Tremendous Spanoulis sweeps Laboral Kutxa
A hot second half was enough for Olympiakos to undo visiting Laboral Kutxa and score its fourth win in as many games at the second round of the Euroleague on Friday. The 76-64 final score wa...
Inside Sports
FOCUS
A SYRIZA government in Greece: what it wants and what might be possible
The left-wing SYRIZA party led by Alexis Tsipras looks likely to win the Greek general election on Sunday after campaigning on a pledge to renegotiate the countryís international bailout and...
COMMENTARY
The train
If we go by the polls, SYRIZA is set to win Sundayís election and form a government. New Democracy did not really campaign, or perhaps it did so in a way that can only be explained if the pa...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
†RECENT NEWS
1. SYRIZA heads for historic victory but without majority
2. Prison probes violent attack against N17 convict Xeros
3. Talks with troika the main test
4. Fiscal gap from revenues at 2.3 bln euros
5. Liquidity noose tightening around local lendersí necks
6. Banks make plans for tackling impact of Swiss francís growth on borrowers
more news
Today
This Week
1. SYRIZA heads for historic victory but without majority
2. Greek Elections 2015 | LIVE
3. Greek Elections 2015 Results | LIVE
4. Greeks vote for reform path or defiance
5. A SYRIZA government in Greece: what it wants and what might be possible
6. Exit polls suggest big margin of victory for SYRIZA
Today
This Week
1. Greek Elections 2015 | LIVE
2. Grexit the only way out of Ďvalley of tears,í says Hans-Werner Sinn
3. Greek Elections 2015 | LIVE
4. No debt writedown or rolling back of reforms for Greece, says Finland's Stubb
5. Greeks fork out nearly 5 pct of their incomes on telecom services
6. QE exclusion a Ďde facto Grexití
†††Find us ...
††... on
Twitter
†† ††... on Facebook ††
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.