FRANCE AND GERMANY NO LONGER IN RECESSION
Bbc.co.uk reported this morning that France are no longer in recession. Consumer spending has risen in both of these countries and their economies grew by .3% between April and June. This brings to an end year-long recessions in two of Europe’s larger economies.
“The data is very surprising. After four negative quarters France is coming out of the red,” said French Finance and Economy Minister Christine Lagarde.
The report continues by telling us few analysts expected the economies to come out of recession this early. The eurozone’s official gross domestic product (GDP) figures will be released later on Thursday morning.
“The recession has ended, and it has ended sooner than we all thought. We expect to see growth of 1% in the third quarter, which is very strong for Germany, and I wouldn’t rule out the chance of even better growth,” said Andreas Rees at Unicredit.
Others were more circumspect, arguing that the economy is over-reliant on government stimulus packages.
For France official figures showed that household consumption rose by 0.4% in the second quarter.
Marie Diron at Oxford Economics said that the figures were a positive surprise “so many people were expecting negative numbers” but she warned that “growth is still very fragile”.
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