Thursday, May 17, 2012

Europe's economy in very bad shape all around

Yearly growth rates (depicted below state by state) is generally low to negative in the European Union. Only the Baltic region is clearly out of the recession (add Slovakia in spite of being an Eurozone member).

Based on Macrobusiness' data. British growth is exactly 0%.

By contrast all Southern Europe is in slump, but also some important countries out of that area: Netherlands, Czech Republic, Hungary and, on the tight rope, Britain (yearly growth 0%).

But the poor outlook is generalized: the growth of much of the rest is very low: France grew barely 0.3% and the 1.2% of Germany is not for fireworks either.

The German bloc (Germany, Austria, Netherlands) is not anymore performing well. The data for the Netherlands is indeed symptomatic, together with that of Britain, that the slump is spreading to the Northwest and it does not seem to matter anymore if you use the strong euro or the quite devalued sterling pound.

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