The Recession Is Over in Europe; +1.2% Annual GDP Growth Rates in Germany and France for Q2
Aug. 13 (Bloomberg) -- The German and French economies unexpectedly grew in the second quarter, bringing an end to their worst recessions since World War II. Gross domestic product rose a seasonally adjusted 0.3% from the first quarter, Germany’s Federal Statistics Office in Wiesbaden said today. The French economy also expanded 0.3%, Finance Minister Christine Lagarde said. Economists predicted contractions of 0.2% in Germany and a 0.3% in France, Bloomberg News surveys showed.
MP: In the U.S., real GDP growth rates are reported as annualized rates, and the quarterly percent growth rates are multiplied by four (-0.25% x 4 = -1.0% for second quarter U.S. real GDP growth). European countries report quarterly growth rates for real GDP from the previous quarter, without annualizing. Therefore, according to the way the U.S. reports real GDP growth, the German and French economies grew by 1.2% in the second quarter.
Originally posted at Carpe Diem.