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Eurozone Econonomy Contracts
Eurozone - No Growth in Q4, 2009
Revised economic figures have shown that the eurozone's economy failed to grow at all in the last three months of 2009.
The European Union's statistics office said that the quarter-on-quarter growth in the three months to December had proved to be zero.
This was revised down from a previously reported 0.1%, according to Eurostat.
Year-on-year, the economy of the 16 countries using the euro contracted by 2.2%, more than the previously estimated 2.1%.
At the same time, the chief economist of the Organisation for Economic Co-operation and Development, Pier Carlo Padoan, said economic growth in the developed world was likely to slow down in the first half of 2010.
Mr Padoan said Europe's urgent priority was to reduce levels of government debt that had climbed during the financial crisis. This should happen before interest rates started to rise, he added.
"We would not recommend that countries wait for market pressures to take action. If that happens, it means they're too late," he said.
He also said that Greece should do this without further help from the rest of Europe .
All in all we feel this supports our underweight / zero weight position to European equities in our client portfolios.
The European Union's statistics office said that the quarter-on-quarter growth in the three months to December had proved to be zero.
This was revised down from a previously reported 0.1%, according to Eurostat.
Year-on-year, the economy of the 16 countries using the euro contracted by 2.2%, more than the previously estimated 2.1%.
At the same time, the chief economist of the Organisation for Economic Co-operation and Development, Pier Carlo Padoan, said economic growth in the developed world was likely to slow down in the first half of 2010.
Mr Padoan said Europe's urgent priority was to reduce levels of government debt that had climbed during the financial crisis. This should happen before interest rates started to rise, he added.
"We would not recommend that countries wait for market pressures to take action. If that happens, it means they're too late," he said.
He also said that Greece should do this without further help from the rest of Europe .
All in all we feel this supports our underweight / zero weight position to European equities in our client portfolios.
