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Here Are Europe's Best And Worst Performing Economies In The Third Quarter
The launch of QE in early 2015 was supposed to push Europe's economic growth on a sustainable growth trajectory. Unfortunately, according to the latest Eurostat data released hours ago this did not happen, and instead Q3 GDP in the Euro Area missed expectations of a 0.4% increase, rising 0.3% higher than in the three months to June, and 1.6% higher than in the third quarter of 2014. The quarter-on-quarter growth rate was down from 0.4% in the second quarter, and translates into an annualized growth rate of 1.2%, the weakest since the third quarter of last year.
Well, that's what more QE is for, as well as negative rates: because if something can fix Europe it is doing more of whatever didn't work in the first place, at least according to the ECB.
According to the WSJ, "the slowdown means it will take longer to reduce the eurozone’s very high unemployment rates, and use up other forms of spare capacity in the economy. That will in turn give businesses little reason to raise their prices." Which in turn means more deflation, which means even more QE, which means even more deflation, and even higher asset prices, rinse and repeat.
What is more curious is where the weakness came from: surprisingly, it was broad based and pronounced led by Germany, the currency area’s exporting powerhouse, while Italian economic growth also eased. There were fresh contractions in Greece, Finland and Estonia, while Portugal’s economy stagnated.
Here is the chart showing the best and worst European economies in the third quarter, or as Mario Draghi would call it, just the greenlight he needed to unleash even more QE.
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Fuck you Draghi.
We sure have a fuckin draghi!!
You missed Poland
Must be lower on the list
Must be lower on the list
As well as CZ and Slovenia.
You guys think that ZH people wouldn't notice? :-)
Poland is not in Eurozone, meaning they don't use Euro but Zloty instead. Neither is Slovenia or Czech republic.
I'm making over $7k a month working part time. I kept hearing other people tell me how much money they can make online so I decided to look into it. Well, it was all true and has totally changed my life. This is what I do... www.wallstreet34.com
That seems too hard. I make trillions a year and all I do is hit ctrl-p.
-JY
wow with a spread like -0.6% to +0.9%, that seems liek a statistical dead heat once you toss in a few revisions
Does Greece still have an ecomony any more? If so, I don't think it can be measured with existing technology.
I'm tired of these "percentages of change" data sets. Let look at the total numbers and how they stack up historically. Sure rate of change matters but when you are on your death bed and your vitals tick up a little from zero, is it really time for celebration or even hope? We see this constantly in home sales...little graphs of limited context. Even in our doomer porn frenzy we are grasping at numbers indicating a .2% decline in something as indicative of the end. Its all bullshit. Lets see something meaningful posted or just turn on the elevator music and let us relax. Spending hours of reading to try and figure out what is coming our way to only discover it tells us nothing.
Is it going to rain? Look out the fucking window.
Oldwood
You forget your pills this morning?
Yes GDP numbers are all BS unless they are relative
If country A GDP is up 0.2% but they have had a 1% increase in population they are actually contracting.
No, they're not contracting. GDP is GDP, no matter what the pop. growth does. If you're looking at average household income, then yes, that would sink if pop. growth> GDP growth.
@schatzi
GDP maybe GDP but it is useless on it's own
If I drop a bomb on a country and wipe out 50% of it's population
But there GDP is the same .........................what would that mean
Lets put it in business terms
GDP = Turnover
So company has 10% increase in Turnover...............but 20% increase in costs that were 50% of the old turnover are they better or worse off?
Can't we also increase GDP by 10% by simply printing 10% more money too? If GDP is just a measure of the amount of money in circulation then its been a very distorted figure the past few years.
Looking at zero percent interest rates and QE to infinity tells us a lot more, although even with all the extra money on the scene official statistics still look dreadful.
You're right GDP is mostly goverment spending with the promise to tax people in the future but if you dont have an unlimited credit line like US or Germany then comes austerity measures and how in the world you can pump those gdp numbers if the goverment is spending less?
It can be measured ... with an electron microscope.
Europe needs more migrants to improve it's GDP
It will create demand.
I heard an article on npr about the migrants needing cell phone charging stations for their high tech devices.
How do they pay their bill, and where and who are the service providers?
Can a techie answer ?
@ Nopension
Did I need a Sark symbol?
I found this
http://openborders.info/double-world-gdp/
I glossed through that.
I gleaned, that if people from low income counties simply moved to high income countries, the additional GDP increase will be in the trillions.
Someone with an education actually deduced this?
Paraphrasing; high income area, $30,000 annually. Low income area, $7500 annually. So move a few 10's of millions of people from low income area, to high income area, and now the multiplier is $30,000 instead of $7500. Viola! Trillions. ( this is simple, we are so smart)
Are you fucking kidding me?
OK
There prob on Pay as you go with top up cards
Found this little Jem
Make sure you read the last 3 lines
Shutdown of Syrian Internet[edit]In November 2012, it was reported that all Internet connectivity between Syria and the outside world appeared to have ceased, as of 29 November 2012. This coincided with reported intense rebel activity inside Syria.[19] Matthew Prince, CEO of Cloudflare, reported that three undersea cables in Tartous, Syria and a fourth land cable through Turkeywere connecting Syria to the internet prior to the event.[20] However, according to an August 2014 interview with Edward Snowden, the Internet blackout in Syria was related to a failed attempt by the U.S. National Security Agency (NSA) to infiltrate malware on a core router of one of the country's main Internet Service Providers (ISPs).[21]
best performing countries are those that had already fallen sharply in the past
10000 migrant toilets and tents will boost German GDP.
I have been waiting for the Draghi phone!
The 1% in Europe already have Draghi care.
Same as everywhere.
+100 SpanishGoop
How does the trend for GDP growth in Portugal look now?
http://wp.me/pHQQ9-1Cc
Ouch. Most of the BIG economies in the Eurozone, Italy, Netherlands, Austria, France, Belgium and Germany, are basically stagnant. This chart is a freekin' disaster.
The two countries with the greatest increase in electricity supplied (best proxy for consumption so Far) is Portugal and Spain.
A 6.8 % and 5.6 % increase (Jan to Aug 2015 Iea)
Most likely a result of a surge of tourists as a result of political instability across the med.
Tourism is a form of mercantalism
A export of wealth.
Your residents sacrifice real goods in return for tokens...mainly Sterling
ng.
Isn't that the loss of subsidies for solar panels? In Spain they were shining searchlights on them.
In Portugal a 42.5 % increase in combustible fuels was witnessed over this period.
Renewables cannot do a 5 or 6% increase in heavy lifting...
The Sterling deficit area is the major driver for this weird long distance and wasteful growth we see in Europe.
The British will then claim their energy expenditure is down (-2.8% so far this Year) and charge the Iberians for using carbon as they desperately seek tokens.
Fucking beautiful
Impressive !
What is the margin of error on this data?
We have seen 0.5% "corrections" to the downside quarter-on-quarter in the past.
"Corrected" for the EURO-zone's from 0.3% to the downside will turn this "growth" to negative.
ECB must have had this data before yesterdays announcement of more QE of toilet paper.
The reality on the streets and in the households of the Old Europe is a lot worse than this data.
There is absolutely no margin of error possible since those figures are completely made up. Everybody knows the economy is contracting in Europe and stagnates at best in the States.
"the weakness came from: surprisingly, it was broad based and pronounced led by Germany, the currency area’s exporting powerhouse"
There is no surprise here if you look at Germany's traditional main export markets:
Eurozone - in decline
Russia - in decline
China - in decline
Add to it 2 more ingredients:
Germans have the shortest working hours in the entire Europe according to OECD
The country has draconian income taxation so there is hardly any room for growth through consumer spending expansion, it traditionally taxes its population to within an "inch from bancruptcy". The country has one of the greates gaps between rich and poor before state redistributions and the rich leave for Switzerland, etc. as soon as they have sold-off their mittelstand businesses.
Germany is entering the horrors of UK's 1980-s and Merkel's govt has done to Germany what Thatcher did to UK.
>>>>Germany is entering the horrors of UK's 1980-s and Merkel's govt has done to Germany what Thatcher did to UK.<<<<
So Merkel is revitalizing German economy and national psyche after decades of would crushing statism and government takeover of private industry???
I don't think so.
They could have asked few people to give them a number between 0 and 9 and then divide it by 10. On a slightly zoomed out graph that would be just a vertical line.
Just imagine this conversation between a government official and a statistician:
How's our economy doing?
It's within margin of error, sir.
Migrants will enrich Finland said Finnish finance minister Stubb. So we hope much more and #SuomiSaysWelcome. I think full chaos would be full richness?
Migrant stimulus is like financial stmulus, sometimes you need Moar.
Even Greek electrical consumption up a impressive 4.5 %...
.problem for. The Greeks.... They are not consuming this energy.
http://www.theportugalnews.com/news/british-tourists-hit-all-time-high/3...
http://www.telegraph.co.uk/travel/destinations/europe/greece/11975528/Wh...
No figure for Ireland in that chart? May be because nobody believes them.
Or it could be because most people seem to think Dublin is in the UK!
HA - I have never denied Ireland is a jurisdiction... But you do not get the implications of the data.
All of Europe is a colony of the UK.
Ps
Irish electricity and other energy is up this year.
If I remember the stuff - electrical consumption is up 3.4 % but the Irish are not burning it.iff
Pductio
Greenenergy*
* up on paper only
Sorry correction, a rise of 3.2%
Diesel and Kerosene consumption exploding in Ireland.
Transport as a % of Tfc gone well past 40%
This was last seen during the 2005- 08 period.....
The number of rental cars and buses in South Kerry this year was at a record but the pubs were empty as the Irish have no company tokens
All of the high quality energy is being wasted in Europe.
These long range mercantalist relationships are quite absurd and very dark.
My definition of Austerity holds true
Austerity is the rationing process required to sustain either a war or consumer war economy.
We are witnessing a epic transfer of real energy to the car and aviation sectors.
If you cast your mind back to the 1980s the first two areas to witness a explosion of energy use (at the expense of the domestic Economy) was aviation ( the rise of Ryanair Etc) and the Car/ tank industry.
We are witnessing the start off even more devastacting periiod