German enters recession after economy contracted 0.5% in third quarter;
Germany, Spain, Italy, France follow Estonia, Ireland into recession;
Analysis by Dominic Bryant of BNP Paribas - Bloomberg Video
Germany is entering into the second recession in six years after German Federal Statistical Office reported on Thursday that the GDP fell 0.5% in the third quarter after a 0.4 % decline in the second quarter. The commonly accepted definition of recession is two consecutive quarters of contraction in GDP.
The office also reported that exports as a pillar of German growth had declined. Compare to a year earlier, Germany’s real GDP climbed 1.3 percent in the third quarter. “Real” data are adjusted for price changes.
The Exports fell more sharply than expected in the third quarter amid a slowing in the global demand.
The slowdown in Germany had become increasingly obvious as the credit crisis reached a new and particularly destructive phase.
ETFs/Stocks :
iShares MSCI Germany Index Fund ETF EWG $16.66 +0.43 (2.65%)Related Posts :Sources :
- The Wall Street Journal: Germany Slips Into Recession, November 13, 2008 7:41 A.M. ET
Breitbart: Germany falls into recession in July-Sept. quarter+, November 13, 2008 07:58 AM EST
The New York Times: Tough Times Seen for Big Economies; Germany Contracts, November 13, 2008
Bloomberg Video: Video: German Enters Recession After Economy Contracted 0.5% In Third Quarter; Germany, Spain, Italy, France Follow Estonia, Ireland Into Recession, November 13, 2008 02:38 am EST
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