English
European Union statistics show a decrease in exports and in domestic consumption, which has led to a 0.2% depreciation of the euro in the second quarter. The Eurostat has confirmed that the higher price of fuel and foodstuffs has forced European consumers to limit their expenses. Consequently, one of the main drivers of economic growth has been affected. On the other hand, the exchange rate, the world economic slowdown and the increase in the cost of transportation led to a decrease in EU exports. The forecast for the third quarter looks bleak as business and consumer confidence decreased during the summer, despite the improved oil price on the world markets. Economist Aurelio Maccario from UniCredit believes that figures are pointing to the beginning of a prolonged weakness that is going to last at least a few quarters.
European Economy Affected By Plunging Exports and Domestic Expenses
F.A.
English Section / 4 septembrie 2008
Euro
Dolar SUA
Franc elveţian
Liră sterlină
Gram de aur
