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ECONOMIC GROWTH in both the European Union and the eurozone fell in the second quarter of 2012 – meaning it is now nine months since any economic growth was recorded in either bloc.
Both the 17-member euro area and the 27-member EU as a whole saw economic growth slip by 0.2 per cent when compared to the output of the first quarter, according to figures published by Eurostat this morning.
With both areas having seen 0.0 per cent growth in the first quarter, neither area is technically in recession – but the previous quarter, from October to December had seen a contraction of 0.3 per cent in both areas.
Output in the eurozone is now down by 0.4 per cent compared to the same period in 2011.
The largest economy in the area, Germany, saw its economy grow by 0.3 per cent in the second quarter; that follows a 0.5 per cent growth between January and March.
France’s out, meanwhile, has been flat for three quarters. The UK, the largest European economy outside the eurozone, saw its GDP shrink by 0.7 per cent in the second quarter – the third quarter in succession that output had fallen.
Ireland is one of seven EU member states yet to report its economic growth for the second quarter of 2012; the most recent figures, for the first quarter, showed a shrink of 1.1 per cent – though it also reversed a previous report from the last quarter of 2011.
Having previously said growth had fallen by 0.2 per cent, the latest figures said Ireland’s economy had actually grown by 0.7 per cent.
Sweden is the EU’s best performer, with economic growth of 1.4 per cent in the second quarter, ahead of Latvia on 1.0 per cent. Slovakia is the eurozone’s best-in-class at 0.7 per cent.
At the other end of the scale, Portugal’s economy shrank by 1.2 per cent between April and June – the fourth quarter in a row that growth had fallen – while Finland’s economy dove by 1 per cent.
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Well it just goes to show that EU/Euro policies are failing miserably…Again…!!!
This German sponsored EU/Euro has collapsed into a heap and is only causing more misery…!!!
Ditch the whole lot, each state go back to it’s own finances, culture, borders etc…!!!
Won’t happen. Too much invested in the EU already by all parties. Nobody will leave and nobody will push for the dissolution of the EU no matter how much pain it causes to the average joe.
Don’t be silly, of course the EU/Euro policies are working.
The bond holders still have all their money and they are happily making more and more money speculating on the ups and downs of currencies and shares in these topsy turvy economic times.
The rich are still getting rich, the plan is working.
Iceland expected to grow 2.5% next year. Now what was it they did again to bondholders…..?
Yes, failing miserably (except for the rich elites, as already pointed out).
But there should be no surprise whatever.
Apply ‘austerity’ policies, which means removing money/spending from the aggregate economy, which means GDP falls & unemployment grows, which means our debt position either stagnates or even becomes worse. Precisely as happening.
It’s not rocket science, just ‘macro’ economics, tho’ it seems most mainstream economists struggle with it, but then who mostly pays +them+? (Back to our rich elites & bankers I think.)
Debt sustainability, employment etc comes from economic growth, not contraction by ‘austerity’.
And the good news is that even we in the Eurozone have an entity that can fund the stimulus spending required at no cost whatever to anyone – the ECB, if properly mandated to do so (under proper democratic control).
Learn about MMT economics & find out why. For serious students, a new textbook is due out later this year.
what a shocking bit of news………….oh wait sorry that was a joke just like the EU
Thank god for austerity otherwise the EU would be in a total mess altogether…..
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