Eurozone recession deepens sharply as Germany falters
Only politicians "did not know" this. They "don't know" what is not good for them. Unemployment breaking all the records and they started to talk about recovery ... Recovery of what?
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The recession in the 17-nation eurozone deepened sharply in the fourth quarter of 2012 as the debt crisis continued to sap growth and confidence, with the outlook remaining uncertain and weak, analysts said Thursday.
Eurostat data showed the eurozone contracted 0.6 percent in the final quarter last year, worse than analyst expectations, with the major economies also now dragged down, including Germany, the bloc's powerhouse.
The European Central Bank meanwhile reported Thursday that its survey of professional forecasters showed them cutting their growth estimate for this year to zero from 0.3 percent.
For 2014, the forecasters were barely more optimistic, with growth put at 1.1 percent from 1.3 percent.
The ECB said the revisions largely reflected the poor fourth quarter as the eurozone economy shrank 0.6 percent compared with the three months to September when it dropped 0.1 percent. That outcome extended the recession to three quarters after a contraction of 0.2 percent in second quarter 2012.
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