German, French economies contract in final months of 2012February 14, 2013 - 11:32 AMT PanARMENIAN.Net - The German and French economies both contracted in the final three months of 2012, figures have shown, according to BBC News. Germany - the eurozone's largest economy - saw its GDP shrink by 0.6% as exports declined. The French economy shrank by 0.3% in the fourth quarter. Both numbers were worse than forecast, Some economists have predicted France is heading for a recession - usually defined as two consecutive quarters of contraction. However, France's central bank recently forecast that the economy would expand in the first three months of 2013. The French President Francois Hollande is trying to make France more competitive by slashing government spending and relaxing labor regulations. The German statistics office said: "Comparatively weak foreign trade was the decisive factor for the decline in the economic performance at the end of the year: in the final quarter of 2012 exports of goods declined significantly more than imports of goods." All eurozone countries have been hit hard by the debt crisis. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. Ucom General Director gives lecture at French University in Armenia The General Director of Ucom Ralph Yirikian delivered a lecture at the French University of Armenia. Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. |