Bloomberg reports:
Europe’s economy contracted the most in at least 13 years in the fourth quarter, compounding pressure on the European Central Bank to reduce interest rates to the lowest ever next month.
Gross domestic product in the euro region declined 1.5 percent from the previous three months, the European Union’s statistics office in Luxembourg said today. That was more than the 1.3 percent economists expected and the most since euro-area GDP records began in 1995. From a year earlier, GDP fell 1.2 percent in the fourth quarter, the only full-year drop on record.
Source: Eurostat
Would you have any idea whats happening is Slovakia? How are they not in the red?
ReplyDeletemaybe population growth is heavy, so in real terms is in recession as everybody else. That's the case of my Country Guatemala.
ReplyDeleteit's all relative. according to forbes (http://www.forbes.com/feeds/afx/2009/02/13/afx6048976.html):
ReplyDeleteSlovakia's economy grew at its slowest pace in seven years in the last quarter of 2008, data showed on Friday, as global slump in foreign demand ended the euro zone newcomer's period of record expansion.
The Slovak economy grew by a real 2.7 percent annually in the fourth quarter of 2008, slowing from 7.0 percent in the third quarter, Slovak Statistics Office said, below the forecast of 3.0 percent by analysts in a Reuters poll.