Europe Out Of Recession?

More economic news from Dibben and Dibben. As reported in the world press today is would appear that the French and German economies both grew by 0.3% between April and June 2009, bringing to an end year-long recessions in two of Europe's largest economies. French Finance and Economy Minister Christine Lagarde was reported as saying; "The data is very surprising. After four negative quarters France is coming out of the red." Very few analysts expected the economies to come out of recession this early.

But economic activity in the eurozone fell by 0.1%, showing the region as a whole is still in recession. Both the French and German economies last grew in the first quarter of 2008.

The German economy, Europe's largest, contracted by a revised 3.5% in the first three months of the year. And while exports rose 7% in June, the fastest pace in nearly three years, few analysts had expected a return to overall economic growth so quickly. The country's Federal Statistics Office said that household and government expenditure had boosted growth. It added that imports had declined "far more sharply than exports, which had a positive effect on GDP growth". First reports suggest that analyst reaction to Germany's recovery was mixed.

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