Japan’s economy shrinks in 4Q, stays in recession
Japan’s economy remained mired in recession late last year, shrinking 0.4 percent in annualized terms for the third straight quarter of contraction on feeble demand both at home and overseas.
Japan’s economy remained mired in recession late last year, shrinking 0.4 percent in annualized terms for the third straight quarter of contraction on feeble demand both at home and overseas.
Japan’s economy is technically in recession after authorities said revised figures for the April-June quarter showed the economy shrank for two straight quarters.
The seemingly endless deluge of mostly dreary economic figures such as growing unemployment and weak manufacturing output from across Europe reinforced the view that the road to the region’s recovery remains long and winding.
Spain’s downturn deepened in the second quarter, with the economy shrinking 0.4 percent after contracting 0.3 percent in the first three months of 2012, official data showed Monday.
Britain’s economy shrank by a worse-than-expected 0.7 percent in the second quarter, official data showed on Wednesday, as recession tightened its grip.
Spain tumbled into recession and European stock markets and the euro fell Thursday as Greece installed a crisis government to tackle its crippling debt, EU leaders prepared for talks and analysts raised the spectre of a run on eurozone banks.
Spain has back tipped into recession, an official estimate confirmed Monday, even as the government pressed ahead with unpopular spending cuts to rein in burgeoning debt.
Spain’s unemployment-scarred economy has skidded back into recession, a Bank of Spain report said Tuesday, days before a general strike and a biting austerity budget.
Heavily indebted Italy fell into recession late last year when the economy contracted by 0.7 percent from output in the previous three-month period, the national statistics institute said on Monday, confirming an earlier estimate.
The debt crisis will drag the eurozone into a long-warned double-dip recession this year, pulling down most neighboring non-euro economies in its wake, the EU said Thursday.
Deputy Economy Minister Vittorio Grilli said Sunday Italy was set to enter a recession in 2012, with Gross Domestic Product predicted to shrink by 0.4 to 0.5 percent.
The weak global economy has pushed Hong Kong into a recession as GDP figures showed a third-quarter contraction, the second straight quarterly decline.
