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9/14/09

Bloomberg: EU Says Europe Economy May Resume Growth This Quarter - Simone Meier

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EU Says Europe Economy May Resume Growth This Quarter - Simone Meier

Europe’s economy probably returned to growth in the current quarter after governments spent billions of euros to pull the region out of the worst recession in more than six decades, the European Union said. The euro-area economy may expand 0.2 percent in the third quarter and 0.1 percent in the fourth after contracting 0.1 percent in the three months through June, the European Commission, the EU executive in Brussels, said today in updated economic forecasts. For the full year, the economy may shrink 4 percent, the commission said, maintaining its May projection.

European companies from Germany’s ThyssenKrupp AG to France’s L’Oreal SA have reported results that beat analysts’ estimates, suggesting government efforts to encourage spending are feeding into the broader economy. European Central Bank President Jean-Claude Trichet on Sept. 3 cited “increasing signs” of stabilization. EU Monetary Affairs Commissioner Joaquin Almunia said today that the second-half outlook may be revised upward by one-quarter percentage point.

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