Mercoledì, 19 Settembre 2018
ROME

Eurozone 'heading toward second recession'

English
© ANSA

(ANSA) - Rome, August 23 - The eurozone has been heading
towards a second recession for the past three years, according
to business data released Thursday that shows how the eurozone
is dragging Germany into the economic crisis.
August figures from the Markit Economics index of
purchasing managers in the eurozone said that the region's GDP
was due to contract by 0.5% to 0.6% in the third quarter of
2012.
It would be the second consecutive quarter of negative
growth, which technically constitutes a recession.
Eurozone GDP registered a 0.2% loss in the second quarter
this year.
Germany, which earlier Thursday reported 0.3% growth in
GDP, has served as as bedrock of the European economy amid the
crisis, helping the region avoid an even sharper decline.
But product and manufacturing information (PMI) Thursday
showed the eurozone's biggest economy suffered an unexpected
contraction in August, down to 48.3 points from 50.3 on the
Markit index.
The country also registered its seventh consecutive
private-sector contraction, with a steep downturn in new
business for companies and a shrinking service sector, prompting
investors to fear that the mighty German economy is being pulled
into the eurozone crisis.
The spread between 10-year Spanish bonds and the German
benchmark bund, an indicator of investor confidence in the
heavily indebted country's ability to weather the euro crisis,
was at 502 points, surpassing the psychologically important
500-point threshold, with a yield of 6.39%.
The equivalent spread between Italian and German bonds was
427, up from 420, with a yield of 5.67%.

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