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Europe moving slowly but surely

21 August 2009 / 10:08:53  GRReporter
3314 reads

European economy is entering slow recovery, at least according to the data provided by leading economies in the Union. Last week France and Germany officially came out of recession. The two economic leaders in the euro-zone announced a GDP growth of 0.3% for the first half of 2009. With two of the most powerful banks in Europe, HSBC and Barclay's, announcing results better than expected only days before that, Europe is likely to come out of the crisis before the USA.

Economists from ING bank claim that Poland is doing best in Europe, and Germany- the greatest exporter on the Old Continent, takes advantage of the global consumer loyalty in raising its GDP. Situation in Great Britain is more complicated. The recession on the island is still going on with a GDP of 0.8%. Data, however, speak of industry recovery and a strong oncoming fall-winter season. In Europe, the worst news comes from Spain, with greatest unemployment in the Union, and the Netherlands, where the GDP dropped with 1% for the first half of 2009.

In regard to Greece, specialists keep reminding that the major obstacles for recovery are the budget deficit and the unnecessarily huge public sector. This is the reason for the Greek government to announce new salary numbers for public employees. From January 1, junior employees will receive no extras, but family and educational ones.

For its recovery global economy depends extremely on the oil price, which rose significantly after USA oil reserves substantial decrease became clear. Last week prices were $66-$67, and yesterday they jumped to $74.59%.

Tags: economy stock news
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