Greece Jobless Rate Soars to 16.2%; German Trade Surplus Fell

Arthi Gupta
08 Jun, 2011
New York City

Euro area economy expanded 0.8% and Iceland''s economy rebounded 2% in the first quarter. Germany trade surplus fell and French trade deficit widened in April. Greek unemployment surged to 16.2%. Romanian industrial production slackened in April.

[R]12:40 PM Frankfurt – Euro area economy expanded 0.8% and Iceland''s economy rebounded 2% in the first quarter. Germany trade surplus fell and French trade deficit widened in April. Greek unemployment surged to 16.2%. Romanian industrial production slackened in April.[/R]

Euro-zone Economy Expands

The euro-zone economy expanded 0.8% sequentially in the first quarter, following the 0.3% expansion in the fourth quarter of 2010, second estimates published by Eurostat showed today. The growth rate matched flash estimate released on May 13.

On a yearly comparison, seasonally adjusted gross domestic product grew 2.5% in the first quarter as against the 1.9% increase in the fourth quarter.

Greece Jobless Rate Soars

Greece''s unemployment rate advanced to 16.2% in March from February''s 15.9%, the Hellenic Statistics Authority said today. The jobless rate rose for the ninth month in a row in March. In March 2010, the jobless rate was 11.6%.

The number of unemployed rose 3.1% to 811,340 from 787,200 in February. In March last year, 578,700 people were unemployed.

Iceland''s Economy Rebounds

Iceland''s economy rebounded in the first quarter after a contraction in the fourth quarter last year, Statistics Iceland said on Wednesday.

The gross domestic product rose 2% quarter-on-quarter on a seasonally adjusted basis in the first quarter, after a 1.5% fall in the fourth quarter of 2010.

Romanian GDP Up 1.7%, Production Slackens

Romania''s gross domestic product increased 1.7% annually in the first quarter, up from the 1.6% growth initially estimated, final data from the National Institute of Statistics showed on Wednesday.

Compared to the fourth quarter, the GDP increased a seasonally adjusted 0.7% in the first quarter, which was revised up from the preliminary estimate of 0.6%.

Industrial production in Romania increased a seasonally and working day adjusted 6.3% annually in April, slower than March''s 7.4% rise, data released by the National Institute of Statistics showed.

Intermediate goods production grew 12%, while output of capital goods advanced 1.3% in April.

On a monthly basis, industrial output decreased a seasonally adjusted 0.2% in April.

German Trade Surplus Falls, Production Drops

Germany''s trade surplus fell to €10.9 billion in April from €18.8 billion in March, the Federal Statistics Office said.

Exports fell by calendar and seasonally adjusted 5.5% on a monthly basis in April after rising 7.2% in March. On an annual basis, the growth rate slowed to 13.4% in April from 15.7% in March.

On a monthly comparison, imports also decreased 2.5% in April, reversing March''s 3.1% growth. However, annual growth in imports rose to 20.1% in April from 17% in March.

German industrial output unexpectedly declined in April owing to a slump in the construction industry, official data showed.

The seasonally adjusted industrial production dropped 0.6% monthly in April, following a revised 1.2% gain in March.

Output in the construction sector fell 5.7% in April compared to a 5.5% gain in March.

Annually, industrial output rose a working-day adjusted 9.6% in April compared to 11.7% growth in March.

French Trade Deficit Widens

The French trade deficit widened to €7.14 billion in April, from March''s €5.9 billion shortfall, data from the customs office showed on Wednesday.

Exports decreased to €34.4 billion in April from €35.08 billion in March. Imports rose to €41.54 billion in April from €40.99 billion in March.

Czech Current Account Surplus Up, Jobless Rate Declines

The Czech Republic''s current account surplus for the first quarter rose to CZK 19.77 billion from CZK 6.42 billion logged in the same period last year, data from the central bank showed.

Czech jobless rate fell to 8.2% in May from 8.6% in April, data from the Labor Ministry data showed today. A year ago, the rate was 8.7%.

The unemployment rate for women was 9.5% and that for men was 7.2%.

In May, job offices registered altogether 489,956 job seekers. That was 23,886 less than at the end of April.