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Europe is clearly in recession, but so far the drop in output is small [ClearOnMoney]
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Europe is clearly in recession, but so far the drop in output is small

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Commentary

Europe is clearly in recession, but so far the drop in output is small

14 Aug 2012 by Jim Fickett.

Today Eurostat released its first estimate of GDP for Q2. Output fell in Q4 last year, was level in Q1, and fell again in Q2. Although there have not been two successive quarters of falling output yet, this is nevertheless pretty clearly a recession.

Note, though, that so far output for Europe as a whole has only dropped very slightly. Although many countries are showing much worse results individually, they are smaller economies. So viewing Europe as a whole, it is so far a mild recession. I rather doubt if that can continue, but we'll see.

(See the Reference page EU output for background and data sources.)