Eurozone To Remain In Recession

Despite, at the end of last, year claiming (albeit improbably) that the Eurozone would return to growth this year the European Commission  has finally been forced to face reality and has announced that in the return to growth will not occur until next year.

No surprises there then!

The European Commission has stated in its report, optimistically/foolishly entitled "Winter forecast 2013 - The EU economy: gradually overcoming headwinds", that the Eurozone will contract by 0.3% this year, but will grow by 1.4% next year.

Amusingly it predicts growth for 2014 within the European Union as whole as being 1.6%, ie 0.2% better than within the Eurozone!

That estimate is of course subject to revision!