Europe is in Recession

November 15th, 2012
in econ_news, syndication

breaking-news-130pxEconintersect:  The Eurozone (the 17-nation bloc that uses the euro as its common currency) is officially back in recession with the third quarter composite GDP showing a 0.1% quarter-to-quarter decline.  This is the second quarter in a row that GDP growth was negative (second quarter was -0.2%) and the third negative print in the last four quarters.  The only quarter not showing a negative number, first quarter 2012, barely escaped a negative value coming in at 0.0%.

Follow up:

The entire 27-nation European Union avoided the recession label with GDP growth of 0.1% quarter-over-quarter.  This was a rebound from -0.2% in the second quarter and the only quarter in the last four in which the Eurozone and the larger EU differed in GDP growth.

The Eurostat report dashed the hopes of a few that positive GDP growth for both France and Germany in the third quarter would be enough to hold the entire Eurozone at zero or even positive growth.  See GEI News report earlier today.  See also the GEI Opinion article today that discusses the lack of success that Greek austerity has had in turning that country's economic contraction around.  That article mentioned that the European Commission (EC) was forecasting an expansion in 2013.  A Reuters article just out from CNBC says that forecast is now looking tenuous as the EC has revised its 2013 growth forecast down to 0.1% for the entire year.  

Here is the full data table from Eurostat:

Click on sections of table for larger image.

Eurostat-2012-3q-part1Eurostat-2012-3q-part2

John Lounsbury

Sources:









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