German economy is now officially in recession. The Europe’s largest economy, contracted more than economists expected in the third quarter. The Gross domestic product dropped a seasonally adjusted 0.5% from the second quarter, when it fell a revised 0.4 percent, the Federal Statistics Office in Wiesbaden said today. The last time that the German economy has contracted for two consecutive quarters, was in 1996. This is clear evidence how bad the BCE is acting to protect the Europeans against the crisis. I’m still convinced that current interest rates are too high to avoid any kind of slowdown. If nothing is done in the coming weeks to sustain this terrible slowdown, the economy scenario for many companies will become unsustainable. Eurostat, the European Union's statistics arm, will publish third-quarter growth data for the euro region tomorrow. So, stay tuned on it, because I’m quite sure that data will be even worse than previous forecasted. I don't see any relief any time soon.
German economy is now officially in recession. The Europe’s largest economy, contracted more than economists expected in the third quarter. The Gross domestic product dropped a seasonally adjusted 0.5% from the second quarter, when it fell a revised 0.4 percent, the Federal Statistics Office in Wiesbaden said today. The last time that the German economy has contracted for two consecutive quarters, was in 1996. This is clear evidence how bad the BCE is acting to protect the Europeans against the crisis. I’m still convinced that current interest rates are too high to avoid any kind of slowdown. If nothing is done in the coming weeks to sustain this terrible slowdown, the economy scenario for many companies will become unsustainable. Eurostat, the European Union's statistics arm, will publish third-quarter growth data for the euro region tomorrow. So, stay tuned on it, because I’m quite sure that data will be even worse than previous forecasted. I don't see any relief any time soon.
