Skip to comments.Recessions are deepening across the globe
Posted on 02/14/2013 6:28:11 AM PST by ExxonPatrolUs
Recessions are deepening across the globe.
Futures sagged today after GDP numbers for several countries fell.
Japan's economy continued to shrink in the fourth quarter by 0.1%, a narrower dive from a 1.0% fall in the third quarter. Economists expected Japan to show a small amount of growth. Germany's contraction helped deepen the recession in the eurozone. German GDP dropped 0.6%, mostly on weak export demand. The eurozone economy as a whole shrank 0.6%, the fastest rate since 2009. For the full year, the eurozone showed sub-zero growth.
The French economy fared worse than expected as well, contracting by 0.3% after growing 0.2% in the previous quarter. Italy's recession deepened by 0.9% after dropping 0.2% in the third quarter. Even the usually stalwart Dutch economy dropped by 0.2%.
The European core fared badly enough, but the periphery countries are still crippled. Portugal's economy contracted by 1.8% after shrinking 0.9% in the third quarter. Greece's economy fell 6% on a yearly basis (the country does not publish quarterly figures) as unemployment increased to 27%. Europe's number one bailout candidate, Cyprus, shrank by 1%, extending its recession from the 0.7% contraction in the third quarter.
(Excerpt) Read more at minyanville.com ...
our last chance to avoid a massive and painful recession passed on November 6, 2012. This will get ugly - economically and probably in other ways.