Friday, Nov 14, 2008
will this affect houseprices?
bbc: Eurozone officially in recession
The eurozone has officially slipped into recession after EU figures showed that the economy shrank by 0.2% in the third quarter.
This follows a 0.2% contraction in the 15-nation area in the previous quarter from April to June.
Two quarters of negative growth define a technical recession.
The news was widely anticipated and follows data showing that Germany and Italy, two of the biggest eurozone economies, are already in recession.
Posted by mark @ 10:27 AM (497 views) Add Comment
8 Comments
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1. planning4acrash said...
Oh, come on, its been in recession for a very long time. Inflation has exceeded growth for a long time and the currency has plummeted against gold the last few years. Recession has been real for the person on the street for the past 2 or 3 yrs.
2. mark said...
P4C : I Would agree with you, however over the past two weeks it feels as though my company has hit a concrete wall of no sales at all....I wonder if the reality of recession is starting to hit people?
3. planning4acrash said...
Its been hitting all of us for a very long time, because all our efforts to raise productivity have been stolen via inflation, this is why official inflation rates are usually pegged at just below the official GDP growth, but, the real inflation is always above, because they always steal more than our productivity gains.
Mark, what do you sell? Tell us more about your sales. Sorry to hear about it.
4. mark said...
we produce a product sold through 280 shops throughout the UK...
Sales have been very good until a couple of weeks back it simply hit a wall and stopped, we are not too worried as we can survive for at least 6 months without sales, as we have been careful with profits and not wasted them...lol
5. Vin Rouge said...
It's good to know that Germany and the other EU countries' economies are not as well run as the UK's and therefore in recession, otherwise we would be in recession too.
Gordon Brown & Co must be brilliant financial masterminds after all.
6. planning4acrash said...
Maybe get some of your staff at market stalls around London?! Just an idea!!
7. bystander said...
Yup Eurozone in recession, but still sterling getting a european kicking. How long does it take to realise taht currency fluctuations are open to abuses just like all markets and sterling, the rouble etc have been targetted for a quick profit by currency speculators, as oil and gold were until recently. These MotU's working in the financial wharehouses around the world are so desperate to keep bonuses etc. that they will condemn entire nations for short term personal gains. A currency analyst was interviewed on ITV earlier and asked by the newsreader why it was that even though the eurozone was already in recession it was the pound getting a kicking. The analyst could not give a straight answer and ended by saying that the Euro will get its turn in about 6 months, as it follows the US and the UK. If this is the case then markets are only cyclical due to human manipulations due to short term gain and this wonderful 'free market' should be addressed. Peoples livelihoods, pensions, savings are all getting shafted by these bright boys and girls in all markets and nothing is being done about it. Where are the court cases (except ofcourse the ones where bankers complain they didn't get enough bonus etc.) for fraudulent mis-management etc???
8. Peeps said...
The ECB will cut again and follow the Fed and BoE down to 1%.