Multi-country euro zone for the solution of the debt crisis of the storm, embark on the road to austerity.But in the lingering crisis sweltering, spending cuts, making the euro area suffered a double dilemma: the increase in unemployment and economic contraction.
Eurostat on Wednesday (January 9) data show that the euro zone's third quarter GDP final value to shrink 0.1%, an annual rate of 0.6 percent contraction. At this point, the euro zone has officially entered the second recession in four years. The European Commission released on November 7, 2012 the the fall economic growth forecast the EU face deeper recession, will only resume moderate growth momentum in 2013, during which the unemployment rate will continue to rise in 2012. The European Commission, the EU-wide growth in 2012 is expected to cut to 0.25% atrophy, and 2013 there will be an increase of 0.5% during the year.
On the other hand, as the European Commission said the euro zone's unemployment rate is rising. Eurostat data show that on Tuesday, the euro area unemployment rate rose to 11.8% in November 2012, hit a new high since 1995, higher than in October 2012, 11.7 percent of the value.
Affected by the downturn in economic data, the euro against the U.S. dollar yesterday continued the previous session decline, choose lower shock ended Reporters press time, the euro against the U.S. dollar reported 1.3051, compared with the previous trading day down 0.22%. However, market participants said that the euro-zone economic downturn basically within expectations, current market focus on Thursday's meeting on interest rates.
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