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This article was published on November 13, 2015 at 9:10.
The last change is the November 13, 2015 at 15:43.
Accelerates France, Germany slows: the result is a tie between the two heavyweights of ‘Europe’s economy in the third quarter. All within the framework of an easing of the economic recovery in the euro area: in the period from July to September, GDP in the 19 countries that share the single currency marked a cyclical increase of 0.3% (+ 1.6% annually) according the preliminary estimate released by Eurostat compared to + 0.4% (+ 1.5% per year) in the second quarter. The figure is slightly below the average analysts’ expectations and is adversely affected by the slowdown in exports to emerging markets.
These are the first indications reached by statistical offices in Europe. Valuable guidance for the ECB, engaged in the difficult task of bringing the Eurozone on a sustainable path of growth and inflation around 2 percent. In light of this data, the hypothesis that the Governing Council headed by Mario Draghi December 3rd several new measures to support the economy comes certainly strengthened.
The gross domestic product of France increased by 0.3% in the third quarter after stagnating in the second quarter. This was announced by the national statistics institute Insee in the first estimate. The increase, says the institute, is particularly related to a recovery in household consumption, which increased by 0.3% mainly due to increased energy expenditure by restraining foreign trade. On year growth is 1.2 per cent. This first estimate is in line with analysts’ expectations.
The GDP of Germany had instead a slight deceleration in the third quarter with an increase of 0.3% from the previous month. The first estimate of GDP on the basis of seasonally adjusted data released today by Destatis reflects, however, market expectations. In the second quarter growth was 0.4 percent. As it regards the annual change DESTATIS estimate a +1.7 percent. The Institute of Statistics points out that the main driver of growth are private consumption while the balance in foreign trade, traditional strength of Germany, this time had a negative impact on the national accounts, as well as business investment have slowed down. “The turmoil in emerging markets and the slowdown in China – noted economist Carsten Brzeski of ING – have left their mark on the German economy.”
Even data from other European economies show a moderate growth, if not weak. In the Netherlands the growth has stopped at a disappointing + 0.1% on the previous quarter (+ 1.9% yoy), while in Portugal was equal to zero. Well though, the countries of Eastern Europe, with Poland that registered a + 0.9% (+ 3.6% annual) cyclical prelude to an annual growth well above the 3% to Warsaw. Very good also gave the Czech Republic, with a + 4.3% per year (+ 0.5% on the previous quarter) and Slovakia (+ 0.9% and + 3.5%).
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