(MENAFN - Saudi Press Agency) The eurozone economy is facing a prolonged recession with the prospects of a rebound in Germany failing to help lift the embattled region out of its downward economic spiral, dpa reported.
While key economic indicators point to growth in Germany -
Europe's biggest economy - gaining momentum as the year unfolds, data
released Friday showed its partners in the 17-member currency bloc
facing another bleak year of fiscal austerity and recession.
The European Commission said it expected the eurozone economy to
shrink by 0.3 per cent this year, but with German gross domestic
product (GDP) expanding by 0.5 per cent this year before growing by a
solid 2-per-cent in 2014.
Further underscoring Germany's growth prospects in the coming
months, the nation's closely watched business confidence index rose
for the fourth consecutive month in February, surging to a ten-month high of 107.4 points.