Risk of Recession in the Euro Area
The euro area should find a mild recession in the first half of 2012 before a modest recovery in the second half of the year, However, the risk of a recession is more severe significant, estimated at 40% .
The Swiss economy, which slowed in the third quarter is also likely to dive in early next year, in a recession because of the global economic slowdown, analysts estimated Thursday. Figures released by the State Secretariat for Economic leave no illusion of the Confederation, which has so far been spared by the crisis of public debt in the euro area and the global economic downturn.
Helvetic growth, which relies on exports, has stalled in the third quarter, growth in gross domestic product and had only 0.2% compared to the previous quarter, against 0.5% in the second quarter. A way of comparison, economic growth has leveled off over the same period in the euro zone to 0.2% the previous quarter, according to data published in mid-November by the EU statistics office Eurostat.
If the numbers are in line with analysts' expectations, they demonstrate that Switzerland was affected by the deteriorating economic situation in neighboring countries. Exports of goods have fallen by 0.6% and exports of services by 2.7%, not only because of a decline in demand but also because of the strong Swiss franc.
Switzerland thus achieves its worst quarter since the second quarter of 2009, which the Confederation had emerged from a brief recession. Since the summer, Swiss companies in all sectors, have eliminated more than 10,000 posts on a AFP count.
Nokia Siemens Networks (NSN) announced to cut off 17,000 Jobs worldwide , which is the biggest ever figure in history of Nokia Siemens Networks .