| Date: August 18, 2010 | Source: Reuters |
Go ahead and rate this post 
Loading ... Production in the construction sector recorded in June rose by 2.7% in the euro area compared with the previous month, an average that Spain exceeded an increase of 7.2%, second only to Romania (16 , 5%).
The increase of 2.7% in the countries of the euro comes after production in May dropped 0.7%, according to figures released today by the EU statistical office, Eurostat.
In the whole European Union, the construction also rose in June, with 3.5%, following the drop in May (0.1%).
Compared with June 2009, production in construction rose by 3.1% in the states of the euro and 5.4% in the EU.
In Spain, in annual terms, increased production reached 18.6% in June from 18.9% drop in May.
Of the fourteen member states with available data, output in the construction sector had monthly increases and decreases in eight six.
The most marked increases were registered in Romania (16.5%), Spain (7.2%) and Poland (4.5%), while falls were most pronounced in Hungary (2.3%), Netherlands ( 1.8%) and Slovenia (1.6%).
By sector, building construction grew 3.3% in June in the euro area and 5.7% in the Union after the falls in May (0.3% and 0.5% respectively).
Civil engineering grew by 1.2% in the countries of the euro and 2% in the twenty-seven, having fallen by 2.9% and 1.9% respectively the previous table.
Compared with the same month last year, the construction output rose in five and fell in nine countries.
The most significant year increases took place in Spain (18.6%), United Kingdom (13.6%) and Poland (10.2%) and the largest decreases in Hungary (19.6%), Bulgaria (17, 5%) and Slovenia (16.9%).
The construction sector experienced a building annual rise of 6.4% in the euro area and 7.5% in the EU, following decreases of 5.6% and 2.3% respectively in May .
The civil work on the other hand fell by 6.7% in the countries of the single currency and 0.6% in the EU, following declines of 9.2% and 3.4% respectively in May.
| Date: May 15, 2009 | Source: Economic @ 21 |
Go ahead and rate this post Loading ... The published data finds that there is no doubt that the European economy recorded the worst since World War II.
Gross Domestic Product (GDP) in the euro zone shrank between January and March this year by 2.5% in the same proportion as that of the 27 countries of the European Union, Eurostat said today.
This reduction represents for both regions, the highest since the statistical community agency monitors the development of their economic margnitudes.
Thus, the Italian economy has undergone the most contraction , followed by German motor of the European economy , with falls of 5.9% and 3.8% respectively, and France, which until now escaped the technical recession , accumulates two consecutive quarters of negative after contracting by 1.2%.
Meanwhile, the Spanish economy, with a 1.8% decrease quarter is the fourth country to less falls, behind France (-1.2%), Portugal (-1.5%) and Belgium (- 1.6%), although accumulating a decline of 2.9%.
The data published today, both the eurozone and the EU strung four consecutive quarters of falling GDP, as well as two quarters of decline in annual terms.
In terms of reduced GDP, the data show that the recession is becoming more severe in Europe than in America, where the economy fell by 1.6% in the first quarter and 2.6% on year
| Date: May 12, 2009 | Source: Sources |
Go ahead and rate this post Loading ... The International Monetary Fund (IMF) said that the "severe downturn" in Europe could end during the second half of 2010 with a recovery "gradual", which should be stimulated with new policy measures, especially in the financial sector.
On the other hand, the institution led by Dominique Strauss-Kahn provides that countries eurozone recorded a contraction of 4% in 2009 and still experience a negative growth of 0.1% in 2010, while emerging Europe will drop the 4.9% this year but grow 0.7% in 2010.
Specifically, the report reaffirms the goals of the institute published last April in which predicted a contraction of 4.2% for the eurozone in 2009 and 0.4% in 2010, in the case of Spain would 3% this year and 0.7% in 2010.
Regarding inflation, the IMF notes that it will fall to very low levels in many countries, but "probably prevent outright deflation" though "deflationary pressures have increased."
NEW RATE LOWERED AND MACROECONOMIC POLICY
Thus, the report notes the need for macroeconomic policies to support demand and calls for "rapidly exploit the scope for reducing interest rates," while monetary policy recommends a "more expansive unconventional."
In the case of Europe, the IMF stresses the importance of coordination, especially in financial matters, and suggests the need for agreement on the basic methodologies for determining capital requirements and strategy to solve the problem of the assets' toxic '.
In the area of fiscal policy, international institution highlights the "significant room for a coordinated fiscal expansion" that increases the effectiveness of the stimuli adopted.
In this regard, the IMF warns that infrastructure spending and targeted transfers have a higher leverage, while general tax cuts, whether consumers or businesses, are likely to be less effective.
| Date: April 2, 2009 | Source: Sources |
Go ahead and rate this post Loading ... The Governing Council of the European Central Bank (ECB) decided today to cut interest rates in the euro zone by a quarter percentage point to 1.25%, representing the lowest level in the history of the institution. However, the decline was lower than expected by financial markets, which had granted a reduction of half a percentage point.
In any case, today left this year suggests that the entity will lower interest rates further to the euro zone.
Trichet said the 1.25% "is the lowest level" that is going to bring interest rates in coming months and will be further cuts.
Financial markets had expected a rate cut lead in half a percentage point, but if Trichet avoided explaining his decision might disappoint some market participants.
The ECB decision pushed up the euro, which in a few minutes earned more than half a cent to over $ 1.34.
With today's decision, the ECB continues its monetary policy easing that began last Oct. 8, after the February break has led interest rates from 4.25% in early October to the 1.25% today.
This new rate cut aims to combat the recession in the euro area economy, according to the International Monetary Fund (IMF) could suffer a contraction of 3.2% this year, while the Organisation for Economic Cooperation and Development ( OECD) predicts a decrease of 4.1%.
By contrast, annual inflation in the Eurozone will be reduced six tenths in March, bringing the annual rate will be at 0.6% versus 1.2% in February, according to forecasts by the statistical office European Union (EU), Eurostat.
Thus, the economic confidence of consumers and businesses in the euro zone fell in March by 0.7% to stand at 64.6 points, its lowest level since records began in January 1985.
Lower than expected crop
The ECB in Frankfurt today that it lowered the marginal lending facility, which lends money to banks, also by 25 basis points to 2.25%, In addition, the ECB cut the same way the deposit facility, that pays the money, to 0.25%, effective in all cases from April 8.
Many analysts had expected the European monetary authority would lower the rate a half point lead for its refinancing operations but would cut the deposit facility to a lesser extent to avoid position at 0% and the rates in the money market also fall to 0%.
In the end, the ECB has opted for a smaller reduction in the rate at which lead leaves room for further cuts this year.
The meeting of the ECB Governing Council agrees with the G-20 summit in London whose Heads of State and Government will try to find solutions to the severe recession in many economies.
Industrial orders in January fell 34.1% in the euro area countries, in relation to the same month in 2008, according to Eurostat, the EU statistics office.
The economic and financial crisis has reached the European labor market with a sharp increase in unemployment, most notably in Spain, which in February had an unemployment rate of 15.5%, at the head of the European Union (EU). The euro area recorded in February unemployment rate of 8.5%.
| Date: February 5, 2009 | Source: Europa Press |
Go ahead and rate this post Loading ... The Governing Council of the European Central Bank ( ECB ) decided today to keep interest rates in the euro zone at 2%, as anticipated and the institution's president, Jean Claude Trichet, who had noted that the next meeting important entity would be in March.
With today's decision, the ECB takes a pause in the easing of monetary policy after four consecutive cuts in the price of money that was decided by the institution since last October 8 and have taken interest rates from 4 , 25% in early October to 2% today.
However, analysts polled by Europa Press agree in predicting that the ECB rate cuts will resume from the next meeting to combat the deterioration of economic activity in the euro area, as the leading indicator for euro area inflation January stood at 1.1%, representing a decline of half a percentage point from the previous month.
In this sense, the U.S. bank Citigroup forecasts that euro zone rates could go up to 0.5% in mid 2009, while RBS expected to be placed at 1.5% in the second quarter, and Morgan Stanley predicts that the rate will drop to 1% from the second quarter.
On the other hand, the Monetary Policy Committee Bank of England (BoE) decided today to lower interest rates by 50 basis points to place them in 1%, the lowest level in the history of the institution, with the aim of combat the economic downturn.
Thus, the intitución chaired by Mervyn King has five consecutive cuts in borrowing costs since October 8 slashed rates half a point in the framework of concerted action with the European Central Bank head the Federal Reserve, and central banks of Switzerland, Sweden and Canada.
The BoE's decision seeks to address the country's economic slowdown, as the British economy officially entered recession in the last quarter of 2008, a situation not seen since 1991, after suffering a contraction of 1.5% over the previous three months, the most severe in nearly three decades after the cut of 0.6% experienced between July and September.
However, inflation in the UK continues still above the 2% target set by the government, although the last December experienced a cut of one percentage point from the previous month, reaching 3.1% .
Meanwhile, the European Commission has forecast that the economic crisis will cause the GDP of the countries in the euro area to shrink 1.9% this year while the budget deficit will soar to 4%.
| Date: January 15, 2009 | Source: Economic @ 21 |
Go ahead and rate this post Loading ... The Governing Council of the European Central Bank (ECB) today decided to reduce interest rates in the euro zone half a percentage point, bringing the rate at 2%, its lowest level since November 2005.
The institution headed by Jean Claude Trichet stack with today's decision four consecutive cuts in the price of money that have brought interest rates from 4.25% in early October to 2% today.
The decision of the ECB seeks to revive economic activity in the euro area and fight the recession in the block came in the third quarter, when GDP in the eurozone contracted by 0.2%.
Today's action adds to the historical reduction of three quarters of a point decided in the meeting on December 4 and a half point cuts undertaken in the meetings of November 6 (from 3.75% to 3.25%) and 8 October, when the price of money rose from 4.25% to 3.75%.
The twelve-month Euribor, main reference Spanish mortgage has closed the day today at the 2.651%, its lowest level since last November 7, 2005.
Following its 67th consecutive decline, the Euribor puts its monthly average at 2.849%, 4.498% compared to January 2008.
More information here .
| Date: January 8, 2009 | Source: Economic @ 21 |
Go ahead and rate this post Loading ... 
The number of unemployed registered at the offices of the National Employment Institute (INEM) in December passed the barrier of the three million unemployed, after rising to 999,416 people in 2008 as a whole, with a percentage increase of 46.9% over 2007, reported the Ministry of Labour and Immigration.
Specifically, the total volume of unemployed reached the end of last year's figure of 3,128,963 unemployed, its highest level in comparable historical series, which began in 1996 and the highest since 1987 when taking into account the years that the current methodology for calculating the arrest was not in force.
That number more than 3.1 million unemployed has come after that unemployment increased in December, 139,694 people, 4.6% from the previous month, the biggest rise in this month of the last twelve years (range comparable).
This increase in December, less than that experienced in November (171,243 unemployed), is the ninth consecutive monthly rise in unemployment and almost four times higher than in December 2007, when unemployment rose by 35,074 people.
More information on unemployment in Spain here .
On the other hand, the unemployment rate in the euro area stood at 7.8% in November, six tenths over the same month in 2007 and a tenth more than in October, with Spain as the member with the highest unemployment rate for the seventh consecutive month to reach 13.4%, Eurostat reported.
At the same time, the European Union as a whole unemployment reached 7.2%, one tenth more than in October and three tenths higher than November 2007.
Thus, among the EU member countries, Spain had the highest unemployment rate (13.4%), followed by Slovakia (9.1%), while lower rates were observed in the Netherlands (2.7% ), Austria (3.8%) and Cyprus (3.9%).
Furthermore, Spain again recorded the largest increase in unemployment going from 8.6% to 13.4% in the last twelve months, while Poland experienced the largest decline by reducing its unemployment rate by 2 percentage points, to 6 , 5%. In the whole EU, thirteen states had decreases in the unemployment rate increased it to fourteen.
