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Feb 29, 2012

2012 Forecast: Double Dip Recession in Euro Zone

The European Commission released its latest forecast for the change in yearly GDP for the countries in the European Union. Compared to the current forecast for the growth of 2011 (no definite figures yet), all countries except for two, are expected to grow (or contract) at a lower rate in 2012. Ironically Greece is among the two countries that is expected to do better this year, than last year. Although it's still the country with the highest expected contraction in the EU.

The Euro Zone as a whole is expected to contract by 0,3%, while for the European Union a zero percent 'growth' is expected.

Reuters

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