Divergences

EU GDP base 2005

«The eurozone economy contracted for the sixth successive quarter at the start of 2013, with gross domestic product declining 0.2% in the three months to March. The economy has now shrunk 1.5% since peaking in the third quarter of 2011 in a double-dip recession that leaves the economy still 3.4% lower than its pre-crisis peak. […] The growing divergence in economic performance within the region is further highlighted by the fact that only Germany has seen its economy expand to a size exceeding its pre-crisis peak. Since the crisis struck, Germany’s economy has managed to grow by 1.3%, which is itself a depressingly small expansion to have seen over a five-year period, but represents a marked contrast to the fact that the Italian and Spanish economies remain some 8.6% and 6.9% smaller. The French economy has likewise failed to regain its pre-crisis peak, though is a mere 0.8% smaller.»

source: markit/@WilliamsonChris

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