Thursday, September 11, 2008

Germany, Spain, Britain..............Going Down!

Germany, Spain and Britain will all fall into recession this year, says the latest from the European Commission, the economic data arm of the EU. We brought you the commission’s gloomy eurozone growth forecast yesterday. Today, the details are looking even more dramatic:
According to EU statistics, Germany experienced two consecutive quarters of economic contraction between April and September, a technical recession. Outside the EU’s commission, we see similar indicators. For example, the Ifo Institute announced today that German consumer sentiment has fallen to a five-year low.
Similarly, the EU forecasts Spain and Britain will experience at least 0.1% “negative growth” in the last two quarters of this year. They might be right… in national measurements of GDP, Spain, Britain, and France all missed growth estimates in the second quarter.

No comments: