Europe Is In A Terrible Slump

eurozone, graffiti

Fresh European GDP data is out today, and it reinforces what a terrible slump Europe and the Eurozone are in.

GDP in the quarter shrank 0.2%, which is worse than the 0.1% shrinkage that had been expected.

From Eurostat:

GDP fell by 0.2% in the euro area (EA17) and by 0.1% in the EU271 during the first quarter of 2013, compared with the previous quarter, according to flash estimates published by Eurostat, the statistical office of the European Union. In the fourth quarter of 2012, growth rates were -0.6% and -0.5% respectively.

Compared with the same quarter of the previous year, seasonally adjusted GDP fell by 1.0% in the euro area and by 0.7% in the EU27 in the first quarter of 2013, after -0.9% and -0.6% respectively in the previous quarter.

The individual, by country numbers, are quite depressing.

Italy and Spain both saw GDP drop 0.5%.

Germany which, you know, is the “strong man” of Europe only saw 0.1% growth. French GDP fell 0.2%.

The good news in Europe, at least, is that the anti-austerity chatter is taking hold, so perhaps green shoots are due.

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