Retail sales across EU slump far more than anticipated in OctDecember 5, 2012 - 17:11 AMT PanARMENIAN.Net - Retail sales across the 17 European Union countries that use the euro slumped far more than anticipated in October, largely due to a huge drop in Germany, in a development that will put more pressure on the European Central Bank to cut borrowing rates soon, The Associated Press reported. Eurostat, the EU's statistics office, said Wednesday, Dec 5, that eurozone retail sales fell 1.2 percent in October from the previous month, double September's decline and substantially more than the 0.2 percent drop expected in the markets The figures provide further evidence that households across the eurozone remain gloomy over the economy and are reluctant to spend more than they have to — non-food sales were particularly weak during October. The eurozone is back in recession, officially defined as two straight quarters of falling output, and unemployment is up at a record high of 11.7 percent with 18.7 million people out of work. "The prospects for consumer spending in the eurozone look troubling in the near term at least given very low consumer confidence, high and rising unemployment, generally muted wage growth and tightening fiscal policy in many countries," said Howard Archer, chief European economist at IHS Global Insight. While five of the countries at the epicenter of Europe's debt crisis — Greece, Cyprus, Spain, Portugal and Italy — are in recession, other economies, such as powerhouse Germany, are also now seeing demand wane. German retail sales fell a staggering monthly 2.8 percent, according to Eurostat. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. Ucom General Director gives lecture at French University in Armenia The General Director of Ucom Ralph Yirikian delivered a lecture at the French University of Armenia. Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. |