Thursday, August 22, 2013

Euro zone exits recession

The euro-area economy probably edged back to growth last quarter for the first time since 2011, ending the longest recession since the single currency union started 14 years ago.

Gross domestic product in the 17-nation region expanded 0.2% in the three months through June after shrinking for the previous six quarters, according to the median of 41 forecasts in a Bloomberg News survey. The European Union’s statistics office in Luxembourg will release the data on Aug. 14. Germany probably grew about 0.75%, according to a government estimate, exceeding the 0.6% economists predict.

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Some positive news from Europe, after two years of less than stellar results.  There are still mountains to climb, but finally a step in the right direction.  Germany will be electing a government come Sept 22nd and it will be interesting to see if Chancellor Merkel gets re-elected.

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