France and Germany return to growth - by Gerrit Wiesmann
Germany and France on Thursday delivered a boost to hopes that the eurozone is clawing its way back from recession as the region’s largest members said their economies grew in the second quarter after shrinking for a year. Robust consumer and public spending - buoyed by large government stimulus programmes - helped both economies grow 0.3 per cent in April, May and June, according to data released by both countries’ statistical offices.The gains raised hopes that eurozone second-quarter GDP, due to be released later,would outdo economists’ forecasts of a 0.5 per cent contraction after a 2.5 per cent plunge in the first three months of 2009.
Note EU-Digest
When we read today's enthusiastic and optimistic reports about the strengthening of economies around the world it might also be good to reflect on a Chinese poet who wrote: “Why is it that statistics put a calm smile on my face? Because, of statistics I can rearrange the stars in the skies above.” Or in plain English: "Beware of the spin doctors".
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