Despite the massive public deficits and loose monetary policies maintained throughout Europe, without interruption, since the onset of the global economic crisis in 2008, the latest data released by Eurostat indicates that in Q3 of 2013 the EU had overall GDP growth in that quarter of a mere 0.2 percent. Within the 17-nation bloc that forms the Eurozone, the Q3 growth figure was an even more dismal 0.1 percent.
The latest economic data from Europe contradicts the most recent claims made by many European politicians that their economies are no longer in recession, and the fiscal crises are well on the way to being resolved. In reality, we again see that mountains of debt and artificially created liquidity can only by the barest margins produce a GDP growth figure that is so anemic ( and probably required a dose of data manipulation to boot) as to be statistically insignificant. Score another one for the political geniuses who are running the economies in the EU.
The latest data released by Eurostat shows that in the final quarter of 2012, the Eurozone area’s combined GDP contracted by 0.6 percent. This follows a previous quarter of negative growth, reflecting the fact that the Eurozone is confronting both a staggering debt crisis and an economic recession simultaneously. The Q4 data shows that even Germany’s economy, the strongest in the Eurozone, also contracted.
Negative growth will only exacerbate the Eurozone’s sovereign debt crisis. With the worst afflicted economies dependent on massive loans from German taxpayers and the IMF, the continuing negative economic trends demonstrate how improbable the calculations of the monetary union ‘s policymakers are in their gamble that they can miraculously restore economic growth while solving the Eurozone’s debt crisis. The latest Eurostat data confirms the insoluble conundrum confronting the politicians in the Eurozone.
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