European Economy Shrinks

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New figures released by Eurostat statistical² agency show the economies of both the eurozone and the 27-member European Union shrank by 0.2 percent in the second quarter of the year.

Speaking on French radio, Economy and Finance Minister Pierre Moscovici offered a modestly upbeat reaction to the findings.

Moscovici said there were a few encouraging signs, including a small pickup³ in investment. But he said the fact that France's economy was faring slightly better than those of Italy and Spain was not good enough. Both economies contracted in the second quarters.

Analysts⁴ point to plenty of worrying indicators⁵. French household consumption shrank in the second quarter and unemployment is just below 10 percent.

Economist⁶ Nicolas Bouzou, director of the Asteres group, told RTL radio that means the Socialist⁷ government in France faces daunting⁸ challenges as it tries to both encourage growth and employment and cut the deficit⁹.

Experts are watching France carefully, fearing it may be the next country hit by the eurozone crisis. Some worry the fall may bring more bad news for the 17-nation currency area.

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