The European Union’s statistics office revealed that growth in exports helped euro-region economy to reach at stable position. Growth in exports covered up the slouch that came in construction business.

This led the gross domestic product rise by 0.2% but construction field did not show any improvement and dropped further by 0.6%. No improvement was shown by services and manufacturing sector as they also declined, but market experts did not expect this much downfall.

There is likelihood that downfall would remain persistent as earlier problem of recession was only affecting more developed countries and its heat had mild affect on developing countries. But now scenario has changed as recession has started troubling countries across the globe.

There is a great possibility that European Central Bank would cut interest rates and economic experts said it is just the beginning of worst. This contraction would remain even in the fourth quarter which means there would be further losses.

This year recession has not made its end and seems the way it has been stretching from countries periphery to core parts of the country that it would drag to next year. Experts have warned developing countries, including growth engines India and China to be ready to bear the brunt.

Export growth has given reason to smile to Germany and France which for long time were facing recession blues. Germany which is accredited with Europe’s largest economy has revealed their GDP has increased by 0.3% and France said they are back on growth track.

Though the European Commission has announced that they expect the euro- region economy to grow by 0.5% in 2012, their confidence seems to be on decline mode. This is said to have happened due to more than expected negative output in November, but the EC would publish its final views on December 8.