Economy
See other Economy Articles
Title: Greece helps eurozone post 0.8 percent Q1 growth
Source:
businessweek.com
URL Source: http://www.businessweek.com/ap/financialnews/D9N6FMM80.htm
Published: May 13, 2011
Author: PAN PYLAS
Post Date: 2011-05-19 11:12:46 by Godwinson
Keywords: None
Views: 6548
Comments: 8
THE ASSOCIATED PRESS May 13, 2011, 5:35AM ET
Greece helps eurozone post 0.8 percent Q1 growth
By PAN PYLAS
LONDON
After nearly three years of economic turmoil, Greece returned to growth in the first three months of 2011, helping the wider eurozone grow by more than anticipated.
Eurostat, the EU's statistics office, said Friday that the economy of the 17 countries that use the euro grew by a quarterly rate of 0.8 percent in the first three months of the year. That was more than double the 0.3 percent growth posted in the previous three-month period and ahead of analysts' expectations for a 0.6 percent increase.
In year-on-year terms, the eurozone economy grew 2.5 percent, more or less in line with what many should be the eurozone's long-term average.
"The eurozone is therefore significantly outperforming all other major developed economies at the moment," said Chris Williamson, chief economist at Markit.
By comparison, Eurostat said the U.S. grew by a 0.4 percent quarterly rate in the first three months of the year -- the U.S. uses annualized figures to collate its growth statistics.
Unsurprisingly, given its sheer size, Germany was the main reason the eurozone grew by more than expected. Its forecast-busting 1.5 percent growth during the quarter means the EU's largest economy has now made up all the output lost during the recession.
Perhaps more surprisingly, given the debt quagmire it is currently in, Greece posted solid growth of 0.8 percent -- its first economic expansion since the fourth quarter of 2009. However, the country's recovery is dwarfed by the scale of its contraction in the year prior and after that solitary quarter. In the final three months of 2010, for example, Greece, the EU's first bailout victim, shrank by a colossal 2.8 percent.
Although the Greek level of growth may have surprised somewhat with its first quarter growth, Portugal returned to recession. Its 0.7 percent quarterly decline follows the 0.6 percent drop recorded in the previous three-month period -- a recession is classified as two consecutive quarters of negative growth. Portugal is the third eurozone country to agree to a bailout, following Greece and Ireland.
Separately, the European Commission, the EU's executive, said it expects the eurozone economy to grow 1.6 percent in 2011 following a 1.8 percent rebound in 2010. Germany is expected to grow 2.6 percent this year but Greece is anticipated to shrink another 3.5 percent this year following last year's 4.5 percent contraction.
"The main message in our forecast is that the economic recovery in Europe is solid and continues, despite recent external turbulence and tensions in the sovereign debt market," said Olli Rehn, the European Commissioner for Economic and Monetary Affairs.
Post Comment Private Reply Ignore Thread
Top • Page Up • Full Thread • Page Down • Bottom/Latest
#1. To: Godwinson (#0)
(Edited)
List of those unable to think: Bumper sticker on DwarF's car: "The eurozone is therefore significantly outperforming all other major developed economies at the moment," said Chris Williamson, chief economist at Markit. By comparison, Eurostat said the U.S. grew by a 0.4 percent quarterly rate in the first three months of the year -- the U.S. uses annualized figures to collate its growth statistics. AMERICAN CAPITALIST LOOOOSERS!!! LOOOSERS!!! EUROPEAN SOCIALIST WINNERS!!!!!!!!!
"Keep Your Goddamn Government Hands Off My Medicare!" - Various Tea Party signs.
LOL! It's always funny to watch you lose it, Destro. You still can't argue a point without coming unglued, can you?
war has to do something for entertainment. The voices in his head aren't speaking to him and his imaginary friends have found reasons not to come over anymore.
OK, the economic model I support is kicking America's ass - I post business articles about same - and that you means I lost my argument? I am tacking a victory lap around the proven failure of Reaganomics inspired American capitalist pig corpses. Looooooosers!! Asses kicked by Socialist Europeans loooooooosers! Your economy is defeated by vacation taking people whose women go topless at beaches. LOooooooSers!!!! American Looosers!!!!!!!!!
"Keep Your Goddamn Government Hands Off My Medicare!" - Various Tea Party signs.
Yeah, and those articles refer to patently false data- by both the US and EU. The published GDP numbers are as phony as a $3 bill. Anybody with half a brain, OR any knowledge of economics, knows this.
List of those unable to think: Bumper sticker on DwarF's car: Like Obama's birth certificate...... LOSER!
"Keep Your Goddamn Government Hands Off My Medicare!" - Various Tea Party signs.
There is a plethora of data regarding the willful manipulation of GDP and inflationary data, to promote the government agenda, and hide the truth. This is true for the USA as well as the EU. Do you have ANYTHING that verifies the veracity of GDP and inflation data by the US government and the EU? Anything at all????????? Or are you just gonna' continue demonstrating your utter ignorance?
List of those unable to think: Bumper sticker on DwarF's car: Yes, well, perhaps we could take a look at making a few changes over here.
-------------------------------------Euro-Socialist Market Performs Better Than American Capitalism
mcgowanjm, ferret mike, skippy, fartboy/yukko, white sands, bucky, lucys idiot mom, e_type_jackoff, go56, badlie, wreck, calCON, Kafir, war, Banjo Boris, Biff, Godwinson and meguro. If you're on the above list...? PISS OFF.
#2. To: Capitalist Eric (#1)
the eurozone economy grew 2.5 percent, more or less in line with what many should be the eurozone's long-term average.
#3. To: Godwinson (#2)
#4. To: Rudgear (#3)
(Edited)
#5. To: Godwinson (#4)
OK, the economic model I support is kicking America's ass - I post business articles about same - and that you means I lost my argument?
mcgowanjm, ferret mike, skippy, fartboy/yukko, white sands, bucky, lucys idiot mom, e_type_jackoff, go56, badlie, wreck, calCON, Kafir, war, Banjo Boris, Biff, Godwinson and meguro. If you're on the above list...? PISS OFF.
#6. To: Capitalist Eric (#5)
Yeah, and those articles refer to patently false data- by both the US and EU.
#7. To: Godwinson (#6)
mcgowanjm, ferret mike, skippy, fartboy/yukko, white sands, bucky, lucys idiot mom, e_type_jackoff, go56, badlie, wreck, calCON, Kafir, war, Banjo Boris, Biff, Godwinson and meguro. If you're on the above list...? PISS OFF.
#8. To: Godwinson (#4)
... vacation taking people whose women go topless at beaches.
Why don't you make like a tree and get out of here?
Top • Page Up • Full Thread • Page Down • Bottom/Latest
[Home] [Headlines] [Latest Articles] [Latest Comments] [Post] [Mail] [Sign-in] [Setup] [Help] [Register]