Eurozone "Collectively" out of recession

Graham_Devon

The eurozone economy has emerged from recession after growing between July and September, figures have shown.

The 16 nations that use the euro collectively grew 0.4%, after shrinking by 0.2% between April and June.

The French and German economies both grew for a second consecutive quarter, confirming the eurozone's two largest economies are out of recession.

However, both France and Germany grew by less than expected, a sign of how tentative signs of recovery remain.

The European Union as a whole - which includes non-eurozone countries such as the UK and Sweden - also emerged from recession, growing 0.2% in the third quarter.

Germany's economy grew by 0.7% in the quarter, while France grew by 0.3%. Both economies and Japan ended year-long contractions in the second quarter of the year, while the US has since joined them after its economy grew in the third quarter.

However, the UK remains in recession, having contracted by 0.4% between July and September.

The UK, Europe's second largest economy, has now contracted for six consecutive quarters, the first time this has happened since quarterly figures were first recorded in 1955.

Ahh well, good old blighty, when we do something, we do it well and stick it out!!!

inspector_monkfish

dey in De Nile

chopperharris

Maybe theres truth in the overly generous benefits system not helping recovery.You either work for less or eventually get nothing.

Euro benefits seem to be coming together as one , and with a finite period of payment.

german unemployment benefits
http://www.toytowngermany.com/wiki/Unemployment_benefits
france
http://www.cleiss.fr/docs/regimes/regime_france/an_5.html
Italy
http://en.wikipedia.org/wiki/Unemployment_benefits_in_Italy
spain
http://spainlawyer.com/guialegal/guialegal.cfm?IDCAPITULO=16010000

I dont know if this is the same system as the uk , ie unemployment benefit v job seekers being different.

Perhaps theres a big cull coming using eu methods on benefits?

Harry_Powell

I doubt the UK will be Europe's second largest economy for much longer, perhaps not even its third. A large proportion of UK income was rooted in the financial sector and now that's in the mire, I can't see where UK Plc is going to make its money.

Quasar

Harry_Powell wrote: »

I doubt the UK will be Europe's second largest economy for much longer, perhaps not even its third. A large proportion of UK income was rooted in the financial sector and now that's in the mire, I can't see where UK Plc is going to make its money.

The UK at present is actually the fourth in Europe, having now a smaller economy than Italy, which has always been the third in mainland Europe after Germany and France. The UK and Italy have never been very far apart in terms of their economy, but hey don't let that spoil the blissful illusion of enduring economic power.

StevieJ

Harry_Powell wrote: »

I doubt the UK will be Europe's second largest economy for much longer, perhaps not even its third. A large proportion of UK income was rooted in the financial sector and now that's in the mire, I can't see where UK Plc is going to make its money.

The UK has the 6th largest manufacturing sector in the world, I know difficult to believe after reading the Tory rags

Really2

Quasar wrote: »

The UK at present is actually the fourth in Europe, having now a smaller economy than Italy, which has always been the third in mainland Europe after Germany and France. The UK and Italy have never been very far apart in terms of their economy, but hey don't let that spoil the blissful illusion of enduring economic power.

Is that true, checking 2008 GDP in $ (to be equal) GB GDP was about 13% more.

We have not shrunk that much so has Italy shown some strong growth?
http://www.google.co.uk/url?q=http://www.google.com/publicdata%3Fds%3Dwb-wdi%26met%3Dny_gdp_mktp_cd%26idim%3Dcountry:GBR%26q%3Dgreat%2Bbritain%2Bgdp&ei=Xnb9SqLxM8i4jAfe94CQCw&sa=X&oi=prbx_publicdata&resnum=1&ct=title&cad=002662436500654163341&ved=0CAkQ4wEwAA&usg=AFQjCNGiTHUxT6vOt0_-kCOEMhCrGF-Mng

Quasar

Really2 wrote: »

Is that true, checking 2008 GDP in $ (to be equal) GB GDP was about 13% more.

We have not shrunk that much so has Italy shown some strong growth?
http://www.google.co.uk/url?q=http://www.google.com/publicdata%3Fds%3Dwb-wdi%26met%3Dny_gdp_mktp_cd%26idim%3Dcountry:GBR%26q%3Dgreat%2Bbritain%2Bgdp&ei=Xnb9SqLxM8i4jAfe94CQCw&sa=X&oi=prbx_publicdata&resnum=1&ct=title&cad=002662436500654163341&ved=0CAkQ4wEwAA&usg=AFQjCNGiTHUxT6vOt0_-kCOEMhCrGF-Mng

The sliding behind Italy was reported in the news a couple of weeks ago and was also mentioned in a thread on this very board. Anyway, 2008 was almost a whole year ago, and nowadays financial shriking takes a very few months to occur. I doubt we will know the exact percentage for this year until sometimes in 2010.

Really2

Quasar wrote: »

:j


The sliding behind Italy was reported in the news a couple of weeks ago and was also mentioned in thread in this very board. 2008 was almost a whole year ago, and nowadays financial shriking takes a very few months to occur.

But I can't see us losing more than 6% this year so that would require Italy to grow 7% this year.

I honestly can't see it, perhaps if some one had a link I could understand it a bit better.

Edit
Actually could that be based on the € being stronger on the $ than the £ this year.

Quasar

:eek: My apologies - that jumping smiley in my previous post was not meant to be there at all and I have no idea how it got there, as there is nothing to be cheerful about. I have deleted it now.

In reply to you, all I can say that I doubt it would have made the news here in UK if it weren't true.

I've googled for links but there are so many that I'm losing heart, lol.

Quasar

Found a link:

http://www.telegraph.co.uk/finance/financetopics/recession/6418344/UK-economy-overtaken-by-Italy.html


And it's not the first time that Italy's economy overtakes Britain's. I knew that but didn't want to post it as I had no link until now. I also find it risible that being overtaken by Italy is deemed such an embarrassment. Italy has always been one of the G7 and not a backwater country - not that many Britons know of course.