Thursday, August 13, 2009

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.


At 8/13/2009 9:10 AM, Anonymous Anonymous said...

Hush. Don't tell Americans fretting about public health care which is only 45% of the total bucket.

Real retail sales are down in July 2009 and the 4 week moving average of initial claims is up this week and it's a real statistical outlier relative to past recessions.

The Great Recession ain't over in America yet, Perry. Don't rely on vintage data for prognostications on your blog, Perry, unless you understand revisions. You ain't capable.


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