Thursday, July 9, 2009

German Recession Already Over?

According to the export numbers in May, the biggest economy in Europe might have already pulled out of recession. Of course, you don't see this new prominent in the media today. All I'm seeing is reports about how the initial jobless claims weren't as good as they were. More about that later.

Germany is the largest economy in Europe so this is significant news, but they hardly match up with the US, Japan, or even China. Its a start though and much better then the relentless media coverage about how the recovery isn't taking place. The facts continue to suggest otherwise.

  • Germany, Europe's largest economy, suffered a 3.8 percent contraction in the first quarter and is facing its deepest post-war recession this year, but a 0.3 percent rise in exports in May chimed with other data pointing to a recovery.
  • May industry figures showed output growing at its fastest rate in 16 years, while orders surged to a near two-year high.

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