Saturday, November 14, 2009

Some think the Euro Zone is out of the recession

From The New York Times

Recession Over in Euro Zone, Report Says

Published: November 13, 2009

PARIS — After more than a year in the doldrums, the euro area emerged from recession during the third quarter, helped largely by export growth and improved industrial production in Germany.

The European Union’s statistics agency, Eurostat, reported Friday that gross domestic product for the 16 countries using the euro expanded by 0.4 percent from the second quarter, after five quarters of contraction. G.D.P. was still 4.1 percent lower than it was a year earlier.

I haven't seen the actual report, and this article says it is preliminary, so I don't know if the "officials" are really saying the Eurozone is to be considered out of the recession.
I think the NY Times maybe "jumped the gun" with their headline.
A .4 percent expansion in just one quarter is probably not enough to declare the recession over.

But, I guess journalists want to deliver some good news, for a change.

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