Posted on 01/14/2023 7:12:05 AM PST by canuck_conservative
A mild winter so far, efforts by businesses and households to cut energy consumption, successful moves by governments to find new natural-gas suppliers and hundreds of billions of euros in fiscal support mean Europe’s recession is likely to be shallow and brief—if it happens at all—according to fresh data and estimates.
And with energy costs now falling back toward levels seen before Moscow’s attack on Ukraine, the cost of the subsidies and tax relief deployed by European capitals to soften the blow are set to shrink, reducing their impact on public finances.
In Germany, Europe’s largest economy, output was unchanged in the final three months of 2022 compared with the previous quarter, contrary to expectations that the economy would contract, according to an early estimate issued Friday by the federal statistics agency. Government subsidies and a large backlog of orders have helped to restore confidence in Germany’s large industrial sector, as businesses rapidly reduced their reliance on Russian gas....
Now, the signs are that any recession will be modest, and some economists now think output will grow in this quarter. Investors have taken note, with European stocks outperforming their U.S. counterparts.
“What we are seeing is that the economic impact seems to be fading,” said Holger Schmieding, an economist at Germany’s Berenberg Bank. “Europe is by now coping fairly well. That bolsters our hopes that we will have a significant rebound in Europe after the winter.”...
(Excerpt) Read more at wsj.com ...
Things aren’t looking good. The EU is in recession and reduced to burning wood for heat.
obviously you can’t read
Since I live in a northern state I always thought that “global warming” was a really good idea.
Everyone needs to increase their carbon footprint!
Europeans are just one polar vortex away from literally freezing in their own homes and may be sitting in the dark, short of food and without water as the windmills can’t keep up.
These 3 charts show the scale of the extreme energy crisis in Europe, where electricity prices have surged 1,000% above normal levels
Europe's energy system faces an unprecedented crisis. Supplies of Russian gas—critical for heating, industrial processes, and power—have been cut by more than 80 percent this year. Wholesale prices of electricity and gas have surged as much as 15-fold since early 2021, with severe effects for households and businesses.
Please, let me help you going forward.
I’m traveling back and forth between America and Europe many times every year. Things are actually looking quite good now economically in the EU.
Russias illegal invasion of a sovereign nation is actually reviving Europes creativity and economy.
And EU nations are now paying their dues to NATO way more efficiently.
Every EU nation is doubling down on their own military budgets as well. It gives a boost for the whole EU’s economy. Inflation is going down. Unemployment is going down.
The EU has managed to successfully transition its energy needs away from Russia in an incredibly SHORT time! It’s fantastic.
Russia’s attempts to pressure Europe by weaponizing energy supplies, failed.
Electricity prices have surged 1,000% above normal levels
Europe's energy system faces an unprecedented crisis. Supplies of Russian gas—critical for heating, industrial processes, and power—have been cut by more than 80 percent this year. Wholesale prices of electricity and gas have surged as much as 15-fold since early 2021, with severe effects for households and businesses.
Please ground yourself in reality rather than that EU PropAgenda.
Stop you propaganda Mr. JonPreston.
https://fortune.com/2023/01/11/us-putin-energy-blackmail-europe-tanks-biden-ukraine-sonnenfeld-tian/
The days of Vladimir Putin’s energy blackmail driving up energy prices and testing Western unity are quickly coming to a close amidst a string of underappreciated but significant energy victories for the Biden Administration, ranging from bringing down gasoline prices for drivers to supplying enough LNG to keep Europe warm this winter. Instead of shivering in distress, European leaders are now considering plans to supply Ukraine with advanced battle tanks.
God is in control- we are witnessing evil destroying evil- thank God for his mercy in sparing two countries populations from two evil leaders actions.
Amen.
Both Zelensky and Vlad are corrupted, support neither.
Europe seems to be managing fine without Russian oil and gas, Comrade
nobody is “freezing to death”, and the economy is more-or-less normal
your pathetic attempts at Russian fear-mongering aren’t selling
I live in Italy. Electric has increased around 300% since last year for me. Europe avoiding a crisis? REALLY? Tell that to all the non-rich people in Europe trying to make ends meet. It is an economic disaster here. Businesses are folding, people, except for the leftist/globalist EU elitist filthbags who caused this mess by trying to protect their money laundering paradise in the Ukraine, aren’t making it.
You are referring to an article from August 23rd 2022 which is - not coincidentally - the peak of the electric and natural gas futures. There was a quick rise and then there was a big fall. It’s why you’re not linking it because it says nothing about what’s going on in the EU now.
Refer to something current. Like gas futures that are 18.7% of the August peak prices you are mentioning, power futures that are 19.3% of the peak, and so on.
I don’t think that they are going to freeze, but the impact on industry is worse than the article try to make believe
What Putin’s “energy blackmail”? Last time I check he was good to offer Europe such energy as it needed. You can dislike his as much as you wish but this terminology is laughable.
The big winner of Putin’s failed gas war is the US (and to a lesser extent Canada), whose energy companies earned an extra $1 trillion last year – dwarfing the $55 billion Washington has pledged to date to assist Ukraine. Over just ten months, US production has risen so fast that it now ties with Qatar as the world’s biggest LNG producer. It supplies almost as much gas to Europe as Gazprom did just a year before.
Thank you for the report, Rocco. I wish you and yours the best.
It is not what I was asking.
It is clear the Roosters lost. They are starving at home and dying in droves in Ukraine. They are again a laughing stock for the world.
That’s the answer to a fundamental question to be asked.
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