Excellent roundup of European economic developments
by Thomas Cooley, Austin Jones, and Peter Rupert
The flash estimates of third quarter output in Europe released by Eurostat the EU Statistical Agency last week showed EU Area GDP grew by .2% in the Euro Zone and .3% in the EU 28. The Italian economy shrank by .1% and Germany grew by only .1%. The one sign of strength was the U.K. economy which grew at a relatively robust .7%.
We should note that the graphs that follow are based on the most recent data available but do not include all third quarter data because Eurostat is notoriously inept at making timely data publicly available.
The chart below shows GDP growth for the major economies compared to GDP growth for the U.S.
But, the European picture is very much a tale of two Europes, with Southern Europe showing tremendous weakness and the Northern European Economies and the U.K. showing…
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