Although statistically, at least for one quarter, the United States is officially out of recession, there are some who doubt it. Thus, the wait is on to see feedback on this news: the European Union says it is now out of recession as well.
According to Eurostat, the statistical office of the European communities, Gross Domestic Product (GDP) increased by 0.4 percent in the euro zone (which is the 16 nation bloc that uses the euro), and by 0.2 in the 27-nation European Union (EU) during the third quarter of 2009. Not so, the U.K., however.
The report notes that the British GDP is still shrinking. The other major economies of Europe are growing again, with the other notable exception of Spain. GDP in Britain dropped by 0.4 percent.
0.2 percent overall in the EU seems tenuous, however. In fact, the two largest economies in the euro zone, Germany and France, grew by only 0.7 percent and 0.3 percent respectively. Lithuania recorded the biggest growth, up 6 percent in the third quarter.
Similarly to the U.S., Eurostat figures showed that unemployment in Europe is still high, as companies continue to hesitate to hire. Th jobless rate overall rose to 9.7 percent in September, the highest in 20 years. The current U.S. unemployment rate sits at 10.2 percent.
Comment and add to the story without registration, but keep the comments meaningful please. Links are not accepted.
