THE SHRINKING EU ECONOMY: IT'S CALLED RECESSION

The European Union executive said the euro zone economy would shrink 0.3 percent in 2013 after a 0.6 percent recession last year.

Negative growth is projected for Cyprus, Greece, Hungary, Italy, Netherlands, Portugal, Slovenia and Spain.

Here below is the economic forecast provide by the European Commission for the 27 bloc:

Austria: Embarking on a moderate upturn. Projected Growth Rate for 2013: 0.7%

Belgium: Sluggish growth and ongoing fiscal consolidation. Projected Growth Rate for 2013: 0.2%

Bulgaria: Slow recovery ahead: Projected Growth Rate for 2013: 1.4% 

Croatia: Staying in the economic doldrums  

Cyprus: Prolonged recession and deleveraging ahead. Projected Growth Rate for 2013: -3.5%

Czech Republic: Aneamic consumption and a fragile labour market. Projected Growth Rate for 2013: 0,0%  

Denmark: Graddually gaining traction. Projected Growth Rate for 2013: 1.1%

Estonia: Growing strongly, in tune with other Baltic States. Projected Growth Rate for 2013: 3.0% 

Finland: Domestic demand remains main growth driver. Projected Growth Rate for 2013: 0.3%

France: Postponed recovery weighs on public finance. Projected Growth Rate for 2013: 0.1%

Germany: Gradual recovery following a temporary setback. Projected Growth Rate for 2013: 0.5%

Greece: Conditions set for emerging from turbulence. Projected Growth Rate for 2013: -4.4%

Hungary: Slow economic recovery weighs on public finance. Projected Growth Rate for 2013: -0.1%

Ireland: Easing financing conditions and a modest growth recovery. Projected Growth Rate for 2013: 1.1%

Italy: Economic recession bottoming out in mid 2013. Projected Growth Rate for 2013: -1.0%

Latvia: Strong growth amid low inflation and robust public finances. Projected Growth Rate for 2013: 3.8%

Lithuania: Steady growth ahead. Projected Growth Rate for 2013: 3.1%

Luxembourg: Less manaufactures made in Luxembourg. Projected Growth Rate for 2013: 0.5%

Malta: Growth gradually gaining pace. Projected Growth Rate for 2013: 1.5%

Netherlands: Housing market adjustments impose drag on economic activity. Projected Growth Rate for 2013: -0.6%

Poland: Flying on one engine: Projected Growth Rate for 2013: 1.2%

Portugal: Negative growth surprise could signal delayed delivery. Projected Growth Rate for 2013: -1.9%

Romania: Domestic demand drives modest recovery. Projected Growth Rate for 2013: 1.6%

Slovenia: Double dip and an on-going adjustment delay consolidation. Projected Growth Rate for 2013: -2.0%

Slovakia: Growth temporarily weakens as external boost tails off. Projected Growth Rate for 2013: 1.1%

Spain: Net exports only source of growth over forecast horizon. Projected Growth Rate for 2013: -1.4%

Sweden: From lacklustre growth towards a gradual recovery. Projected Growth Rate for 2013: 1.3%

United Kingdom: Green shhots on the horizon. Projected Growth Rate for 2013: 0.9%