Eurozone economy slides 0.2 % in Q2August 14, 2012 - 14:11 AMT PanARMENIAN.Net - Economic growth fell by 0.2 percent in the eurozone and the 27-member European Union in the second quarter compared with the first three-month period of the year, Eurostat estimated Tuesday, August 14. "GDP fell by 0.2 percent in both the euro area and the EU27 during the second quarter of 2012, compared with the previous quarter," according to flash estimates published by Eurostat, the EU statistical office. In the first quarter, gross domestic product growth stood at zero in both the EU and the group of 17 EU members that use the euro currency. Compared with the same quarter of 2011, seasonally adjusted GDP fell by 0.4 percent in the euro zone and by 0.2 percent in the EU in the second quarter. The figures reflect the crippling debt crisis that has engulfed the eurozone, forcing EU-IMF bailouts for Greece, Ireland and Portugal and aid for the Spanish banking sector, while battering market confidence. The new estimates show how badly Europe now lags behind its main economic and trade partners, with Eurostat saying GDP rose by 2.2 percent quarter-on-quarter in the United States and 3.6 percent in Japan, according to AFP. Top stories On June 10, Azerbaijani President of Azerbaijan Ilham Aliyev will leave for Turkey on a working visit. Azerbaijani President Ilham Aliyev arrived in Moscow on April 22 to hold talks with Russian counterpart Vladimir Putin. Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). Partner news | Armenia congratulates “friendly people of Belarus” on Independence Day The Armenian Foreign Mnisitry has congratulated the “friendly people of Belarus” on Independence Day. Armenian wrestlers win 3 medals at U20 European Championships The Armenian team has won 3 medals at the U20 European Greco-Roman Wrestling Championships. Ameriabank, COAF pool efforts to develop beekeeping in Lori COAF and Ameriabank have presented their joint program Harvesting Nature’s Bounty. Armenian, Georgian Foreign Ministers meet in Tbilisi The meeting of Ararat Mirzoyan and Ilia Darchiashvili, is underway in Tbilisi, the Armenian Foreign Ministry reveals. |