German gross domestic product (GDP) expanded by 0.5pc between July and September compared with the preceding three months, driven by strong domestic demand. Growth in Europe's biggest economy in the second quarter had stood at 0.3pc, revised upwards from an original estimate of 0.1pc. "Positive impulses came primarily from domestic demand, with rising consumer spending in particular contributing to growth," the federal statistics office Destatis said in a statement. "In addition, investment in equipment also increased, while construction investment declined somewhat after a strong start to the year." Foreign trade was also robust, with both exports and imports growing by around the same amount. Economists also expect fourth-quarter growth in France to be flat at best as the euro zone debt crisis discourages investment and employment. The French government has slashed its growth forecasts twice in the past four months and pledged budget cuts to prevent the deficit from ballooning. Xavier Bertrand, the French Labour minister, said: "Positive growth means tax revenue, but there isn't enough growth so we have to manage our budget like you do at home, or like a company chief. If there's not enough money coming in then there must be less money coming out." Romania 3Q GDP + 1.9% On Quarter, +4.5% On Year. Romanian economy expanded by 1.9% in the third quarter, after a modest recovery of 0.2% three months earlier, a flash estimate of the country’s statistics institute showed Tuesday.
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Tuesday, November 15, 2011
Growth - statistics ...
German gross domestic product (GDP) expanded by 0.5pc between July and September compared with the preceding three months, driven by strong domestic demand. Growth in Europe's biggest economy in the second quarter had stood at 0.3pc, revised upwards from an original estimate of 0.1pc. "Positive impulses came primarily from domestic demand, with rising consumer spending in particular contributing to growth," the federal statistics office Destatis said in a statement. "In addition, investment in equipment also increased, while construction investment declined somewhat after a strong start to the year." Foreign trade was also robust, with both exports and imports growing by around the same amount. Economists also expect fourth-quarter growth in France to be flat at best as the euro zone debt crisis discourages investment and employment. The French government has slashed its growth forecasts twice in the past four months and pledged budget cuts to prevent the deficit from ballooning. Xavier Bertrand, the French Labour minister, said: "Positive growth means tax revenue, but there isn't enough growth so we have to manage our budget like you do at home, or like a company chief. If there's not enough money coming in then there must be less money coming out." Romania 3Q GDP + 1.9% On Quarter, +4.5% On Year. Romanian economy expanded by 1.9% in the third quarter, after a modest recovery of 0.2% three months earlier, a flash estimate of the country’s statistics institute showed Tuesday.
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report by the Lisbon Council on Tuesday said France's inability to make rapid adjustments to its economy should be ringing alarm bells for the euro zone.
It ranked France 13th out of 17 for its overall health, including its growth potential, employment rate and consumption, and 15th for its progress on economic adjustments, particularly on reducing its budget deficit and keeping a lid on unit labour costs.
Economicts are gloomy about eurozone growth prospects. They fears there are no growth stategies in place to counter harsh austerity measure taken by Italy, Greece, Ireland, Portugal and Spain as they battle to reduce their deficits and prevent a debt default.
German and French growth pick up but outlook gloomy
Growth in Germany and France, the two biggest economies in the troubled eurozone, picked up in the third quarter, helped by a rise in consumer spending, although economists expect a slowdown in the final three months of the year.
Here's a quick agenda for today:
• UK inflation for October - 9.30am GMT
• Eurozone GDP data for Q3 - 10am GMT / 11am CET
• Spanish debt auction - morning
• Greek debt auction - morning
• US advance retail sales - 1.30pm GMT / 8.30am Eastern
Firstly, it was the Greek govt of the time that hired Goldman Sachs, Papademos wasn't a part of the govt he was the head of the National Bank of Greece. How much he knew about what the govt was doing with Goldman Sachs is pure conjecture but would you expect Merv King to be privy to all the machinations of the cabinet? As for all the Greek books being false.. this is also an exaggeration. The EU must have been aware of the creative accounting as Greece was not the only country that indulged in it to get in the EZ and the EU appeared to turn a blind eye to little anomalies of that nature because it wanted lots of countries in the EU. Papademos was also VP of the ECB for a number of years (left in 2010) and was Trichet's right hand man, so they definitely know the man in Brussels.. You can make of that what you will. But don't forget that Greece's actual proper politicians are so unpopular, so mistrusted, that at the moment, at least, Papademos is very popular and seen as a 'safe pair of hands'.. Yep, that's the popular perception of him here in Greece.
But Thursday will be a big test for him. Will there be big demonstrations or not?
What a joke the new Italian PM, Greek PM and ECB governor all have a heritage with Goldman Sachs either as adviser to or working for them. The greek guy was part of the transitional arrangements for drachma to euro being advised by Goldman Sachs . Remember.. all the Greek accounts were false!
Its like putting Tigers to watch over the sheep.
Oh yes and by the way of course the US are throwing stones at the glass house of the Euro mess. Does anybody remmeber Paulson and his position during the Bush time and his payments. Dont bother studying the history it would only make you cry. Who know whats next up maybe the Financial Times will support the occupy group!!! Pigs...
So countries that are in the eurozone are expanding, but UK growth is stagnent because of Eurozone problems, even though we are not in the eurozone. Another excuse needed Dave. Surely you will run out of excuses and one day finally admit you just are'nt upto it.
GDP in Germany rose 0.5pc and 0.4pc in France, although many economists expect a slowdown in the final three months of the year.
Manoj Ladwa, senior trader at ETX Capital, said: "We are seeing yields creep up again for eurozone countries, and given the GDP figures for France and Germany coming in in-line with expectations, there seems to be little to get bullish about at the moment."
The FTSE 100, Germany's DAX and France's CAC fell 1.17pc, 2.1pc and 1.87pc respectively as investors worried about the ongoing debt crisis and a possible recession in the eurozone.
The 17-nation euro zone economy grew a modest 0.2pc in the third quarter from the second, the EU said on Tuesday, lifted by France and Germany, but economists say the bloc is almost certainly heading for a recession.
European Central Bank President Mario Draghi has predicted a "mild recession" in the bloc by the end of the year
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