EU Double Dip Recession


Source: EU GDP

  • GDP fell by 0.6% in the euro area (EA17) and by 0.5% in the EU27 during the fourth quarter of 2012.
  • Over the whole year 2012 GDP fell by 0.5% in the euro area and by 0.3% in the EU27
  • In the fourth quarter, even Germany saw negative growth with -0.6%

Compared with the same quarter in the previous year, some countries saw significant drops in GDP.

  • Italy GDP fell -2.7% in past 12 months
  • Greece -6.0%
  • Portugal – 3.8%
  • Spain – -1.8%
  • France – 0.3%
  • UK 0.0%
  • Germany 0.4%
  • US 1.5%

The fall in EU GDP is bad news, especially because it’s hard to be optimistic about the prospects for recovery in the EU. It is a reminder that bond yields are only a side show in the real test of the EU economy.

Link to extent of austerity in the EU at FT

EU Unemployment


EU Unemployment

Share on FacebookTweet about this on TwitterShare on Google+