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The Recession Is Over In Europe
By Mark Perry on August 13, 2009 | More Posts By Mark Perry | Author's Website
Aug. 13 (Bloomberg) - The German and French economies unexpectedly grew in the second quarter, bringing an end to their worst recessions since World War II. Gross domestic product rose a seasonally adjusted 0.3% from the first quarter, Germany’s Federal Statistics Office in Wiesbaden said today. The French economy also expanded 0.3%, Finance Minister Christine Lagarde said. Economists predicted contractions of 0.2% in Germany and a 0.3% in France, Bloomberg News surveys showed.
MP: In the U.S., real GDP growth rates are annualized by multiplying the quarterly percent growth rates by four. European countries report quarterly growth rates for real GDP from the previous quarter, without annualizing. Therefore, according to the way the U.S. reports real GDP growth, the German and French economies grew by 1.2% in the second quarter.
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