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"Governance"
Big three suffer slump as Eurozone slips closer to recession
The economies of Germany, Italy and France all contracted in the months between April and June – offering the clearest indication yet that the eurozone could be on the brink of recession.
Europe’s largest economy, Germany, saw its economy shrink by 0.5 per cent in the second quarter of 2007, it’s first decline since 2004.
France and Italy saw similar slumps, with both recording a fall in economic activity of 0.3 per cent as a decline in exports, a slowdown down in consumer spending and the strength of the euro took their toll.
Responding to the figures Christine Lagarde, French finance minister, said the decline “mostly reflects the deterioration of our international context, which particularly weighed on our exports and which is common to all European countries.”
Germany’s deputy economy minister, Walther Otremba, admitted that the country could soon be in a recession.
“At the moment that cannot be ruled out,” he said.
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