EU changes its rhetoric on austerity as economy contracts

Source: Bloomberg
© Scanpix/Reuters
European leaders affirmed a $7.7 billion, 7 year plan to lower youth unemployment, which is at 24% in the euro zone. The 17-country bloc saw its GDP contracting for a sixth consecutive quarter, which lead European Commission to revise its 2013 forecast from -0.3% to -0.4%. However, Germany's budget expert told that easing pace of austerity is a dangerous path to go.
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Thu, 23 May 2013 14:11:03 GMT

Italy's retail sales drop in March

Retail sales in Italy decreased more than expected in March from the previous month largely due to a notable 0.8% drop in non-food sales, a data revealed by the statistical office Istat showed on Thursday. Retail sales slipped 0.3% on a monthly basis despite a 0.4% increase in food sales, while on an annual basis retail sales fell by 3%

Thu, 23 May 2013 14:30:12 GMT

Private sector activity in Germany stays below neutral level in May

German private sector activity rebounded from the lowest level in 5 months in May, but still stayed below neutral level, when the composite output index grew from 49.2 recorded in April to 49.9 in May, the Markit Economics reported on Thursday. The report also showed that activity index of service sector climbed from 49.6 in April to 49.8 in May.

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