by Bill McBride on 11/13/2009 11:19:00 AM
Friday, November 13, 2009
From the NY Times: Euro Zone Officially Out of Recession
... [T]he euro area emerged from recession during the third quarter, helped largely by export growth and improved industrial production in its largest economy, Germany.Note: the 0.4% is the quarterly rate (1.6% annualized when comparing to reporting in the U.S.).
The European Union’s statistics agency, Eurostat, reported Friday that gross domestic product for the 16 countries using the single currency expanded by 0.4 percent from the second quarter, following five quarters of contraction. Against a year earlier, G.D.P. was still 4.1 percent lower.
Analysts said the outlook remained patchy, particularly because unemployment is still climbing, wages are stagnant and consumption and lending are being propped up by government programs that will not be renewed indefinitely.
Here is the Eurostat report: Euro area GDP up by 0.4% and EU27 GDP up by 0.2% with a breakdown by country.
Posted by Bill McBride on 11/13/2009 11:19:00 AM