As reported earlier, Germany's economy (accounting for about 30% of the Eurozone) avoided a recession by the narrowest of seasonally-adjusted margins when somehow, the Eurostat econometricians managed to calculate with laserlike precision that its economy grew by 0.1% in Q3, reversing the contraction from the previous quarter on hopes the Ukraine situation has now stabilized.
So far so good, but an even more amusing observation arises when looking at which was the fastest growing country in the Euro Area in the third quarter. The answer, courtesy of Eurostat, is that the nation whose GDP rose the most in Q3, surpassing Germany, Finland, the Netherlands, Austria and well, everyone else, was, drumroll...
Yes, the same Greece whose latest unemployment reading was 25.9%, or more than where it was during the US Great Depression.
Ah Europe, never change.