Economic storm in European countries – food, fuel prices block consumer spending
2008-08-15 19:26:38 (GMT) (Caymanmama.com - World News News)Brussels (CaymanMama.com) — The food and fuel price hike has taken over Europe’s booming economies. Consumer spending has reduced showing a sharp downturn in the economic growth in 15 countries that share the Euro currency including France, Germany and Italy.
According to the EU statistics released on Thursday, the economic slow down reached 0.2% in the first quarter expanding 1.5% in the similar period a year before. Germany’s economy slowed by .05% during April and June while Italy and France both share the figure of 0.3%
For the first time in four years, Germany’s strong economy has shown signs of a slow down. The export of market of the country had been hit by the poor world economy. Strong Euro also pushed down exports to US.
Statistics on the economic conditions of Ireland has not been released though the growing economy of Ireland has also suffered a blow in its 1st quarter.
Economic pundits predict the worst is yet to come. Euro countries have not officially accepted that their countries are in recession phase though they have shown minus figures in their slowing economy–all thanks to the high prices of fuel and food.
CaymanMama.com - Press Release Distribution Service
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