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Germany Officially Enters Recession, Eurozone Likely to be Next
Germany has officially plunged into a recession, as the nation’s Federal Statistics Office revealed yesterday (Thursday) that Europe’s largest economy contracted by 0.5% in the three months through September.
The data is worse than many analysts had expected and follows a 0.4% decline in the second quarter. The economy last contracted this much over two consecutive quarters in 1996, making this Germany’s worst recession in more than a decade.
The slide may worsen, too, as German companies are struggling with dwindling export orders.
“If you think today’s numbers are already bad, just wait for the next quarter,” ING Financial Markets’ Carsten…
14Nov2008 | Money Morning | Comments Off | ContinuedCracks in the Monetary Facade
We are writing today from the annual Agora Financial Investment Symposium in Vancouver, British Columbia. Your editors are currently traveling from Europe to Canada and finishing the companion book to I.O.U.S.A., respectively, so today’s missive will be shorter than usual.
The Telegraph warns this morning of a global financial meltdown. Although the IMF has upgraded the world forecast for 2008, they have also said there is a “chance of a global recession.” Hmmm…
The eurozone is sliding into a recession faster than the United States, the British paper continues. The U.S. current fiscal crisis is the push over the edge that the global…
22Jul2008 | Daily Reckoning | Comments Off | Continued
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