News / Europe

Statistics Show Stuttering 2013 European Recovery

Olli Rehn addressing media at the European Commission headquarters in Brussels, Feb. 22, 2013.
Olli Rehn addressing media at the European Commission headquarters in Brussels, Feb. 22, 2013.
TEXT SIZE - +
Lisa Bryant
— The latest Brussels economic forecast indicates Europe is not yet out of its economic troubles.
 
The European Commission delivered statistics on Friday that predict growth for the 27-member European Union at only 0.1 percent — down from its previous forecast of 0.4 percent — but that the outlook for the 17-member currency union, the eurozone, has been revised downwards. The EU's executive arm says the currency union will contract by 0.3 percent in 2013, compared to its earlier estimate of a small, 0.1 percent growth.
 
"The current situation can be summarized like this: We have disappointing hard data from the end of last year, some more encouraging softer data from the recent past, and growing investor confidence in the future," said Olli Rehn, European Commissioner for Economic and Monetary Affairs and the Euro, and the commission's vice president.

"The decisive policy action undertaken recently is paving the road to recovery," he added, explaining that Europe's economic reforms are working. "We must stay the course of reform and avoid any loss of momentum which could undermine the turnaround in confidence that is now underway, delaying the needed upswing in growth and job creation."
 
While not surprising, some of the more disappointing data came from France. Europe's second largest economy is expected to grow only 0.1 this year, while unemployment is forecast to reach 10.7 percent.
 
As expected, the commission predicted France's Socialist government will miss the EU's 3 percent deficit target, reaching an expected 3.7 percent this year and 3.9 percent in 2014.
 
French Prime Minister Jean-Marc Ayrault has rejected more austerity measures. Either way, the government's policies have sparked criticism from both conservatives and the far left.
 
Far left French politician Jean-Luc Melenchon told French Radio that the government had fallen into the quicksands of European austerity — just like struggling economies Spain and Portugal.
 
Europe's largest economy, Germany, is expected to grow 0.5 percent this year and the British economy by 1 percent. But the economies of Spain and Italy are expected to contract. And eurozone unemployment will likely climb to 12.2 percent in 2013, before falling slightly next year.

You May Like

Analysts Warn of Regional Proxy Conflict in Afghanistan

Analysts warn if Kabul’s neighbors do not start to cooperate, competing desires for influence could deteriorate into a bloody proxy war in the country More

Saudi Intelligence Chief Replaced

Bandar bin Sultan came under criticism for supporting al Qaida, prompting King Abdallah to wrest Syria operations away from him in February, handing them to Interior Minister Prince Mohammed bin Nayef More

Poetry Magazine editor Don Share talks what makes a good poem with VOA's David Byrd

What makes a good poem? And is poetry as viable an art form as it once was? To find out, VOA's David Byrd spoke to Don Share, the editor of Poetry Magazine. More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Google Buys Drone Companyi
|| 0:00:00
...
 
🔇
X
George Putic
April 15, 2014
In its latest purchase of high-tech companies, Google has acquired a manufacturer of solar-powered drones that can stay in the air almost indefinitely, relaying broadband Internet connection to remote areas. It is seen as yet another step in the U.S. based Web giant’s bid to bring Internet to the whole world. VOA’s George Putic reports.
Video

Video Google Buys Drone Company

In its latest purchase of high-tech companies, Google has acquired a manufacturer of solar-powered drones that can stay in the air almost indefinitely, relaying broadband Internet connection to remote areas. It is seen as yet another step in the U.S. based Web giant’s bid to bring Internet to the whole world. VOA’s George Putic reports.
Video

Video Ray Bonneville Sings the Blues and More on New CD

Singer/songwriter Ray Bonneville has released a new CD called “Easy Gone” with music that reflects his musical and personal journey from French-speaking Canada to his current home in Austin,Texas. The eclectic artist’s fan base extends from Texas to various parts of North America and Europe. VOA’s Greg Flakus reports from Austin.
Video

Video Millions Labor in Pakistan's Informal Economy

The World Bank says that in Pakistan, roughly 70 percent work in the so-called informal sector, a part of the economy that is unregulated and untaxed. VOA's Sharon Behn reports from Islamabad on how the informal sector impact's the Pakistani economy.
Video

Video Passover Celebrates Liberation from Bondage

Jewish people around the world are celebrating Passover, a commemoration of their liberation from slavery in Egypt more than 3,300 years ago. According to scripture, God helped the Jews, led by Moses, escape bondage in Egypt and cross the Red Sea into the desert. Zlatica Hoke reports that the story of the Jewish Exodus resonates with other people trying to escape slave-like conditions.
Video

Video Police Pursue Hate Crime Charges Against Kansas Shooting Suspect

Prosecutors are sifting through the evidence in the wake of Sunday’s shootings in a suburb of Kansas City, Missouri that left three people dead. A suspect in the shootings taken into custody is a white supremacist. As VOA’s Kane Farabaugh reports, he was well-known to law enforcement agencies and human rights groups alike.
Video

Video In Eastern Ukraine, Pro-unity Activists Emerge from Shadows

Amid the pro-Russian uprisings in eastern Ukraine, there is a large body of activists who support Ukrainian unity and reject Russian intervention. Their activities have remained largely underground, but they are preparing to take on their pro-Moscow opponents, as Henry Ridgwell reports from the eastern city of Donetsk.
Video

Video Basket Maker’s Skills Have World Reach

A prestigious craft show in the U.S. capital offers one-of-a-kind creations by more than 120 artists working in a variety of media. As VOA’s Julie Taboh reports from Washington, one artist lucky enough to be selected says sharing her skills with women overseas is just as significant.
Video

Video UN Report Urges Speedier Action to Avoid Climate Disaster

A new United Nations report says the world must switch from fossil fuels to cleaner energy sources to control the effects of climate change. The Intergovernmental Panel on Climate Change released the report (Sunday) following a meeting of scientists and government representatives in Berlin. The comprehensive review follows two recent IPCC reports that detail the certainty of climate change, its impacts and in this most recent report what to do about it. VOA’s Rosanne Skirble has the details.
AppleAndroid