France’s woes have worsened today after the latest jobless data out of the country showed that unemployment has climbed to 10.8% in the first quarter of 2013- its highest level in 15 years. Adding to signs of the continuing decline of the Eurozone was news that Finland fell into recession adding to worries that the Euro crisis has entered the core of the Eurozone.
According to Eurostat, the European statistics agency, which uses a slightly different measure, the jobless rate in France has already reached 11%.
President Francois Hollande’s promise to cut the nation’s unemployment rate by the end of the ear is looking ever more unlikely as France and the wider Eurozone continues to contract. Some economists are warning that the situation is set to get a whole lot worse, with the peak in the rise of unemployment due next year. France is in recession after its economy contracted by 0.2% in the first quarter of 2013.
Finland meanwhile is the latest of the Eurozone regions so called ‘core’ nations to have fallen into recession after it succumbed to Europe’s longest and worst recession since World War Two. It now joins France and the Netherlands in the list of core nations mired in recession and became the ninth Euro-zone member to experience at least two straight quarters of economic contraction.
According to Statistics Finland the nations GDP declined by 0.1% from the previous quarter and tumbled by 2.1% compared to the previous year. Demand for Finnish exports has waned as its biggest market; the Euro-zone struggles to cope with austerity measures and an ever rising unemployment issue.
Overall claims that an end to the Eurozone’s troubles are in sight seem increasingly delusional as retail sales, industry and business investment have all continued to decline. The regions unemployment rate looks set to break a new all time record and signs of growth remain nowhere to be seen.
Current Euro (EUR) Exchange Rates
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3119
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8494
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.3826
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6502
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7620
The Pound Sterling /Euro Exchange Rate is currently in the region of: 1.1771
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.7235
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.6066
(Correct as of 10:10 am GMT)
