Latest official figures show yet again that the UK dodged a bullet this time with a recession.
Oops — Eurozone is now officially in recession, while Brexit Britain still grows
On Thursday the data from the EU’s official statistics agency revealed the Eurozone as a whole has fallen into recession. This is the technical definition of when the economy contracts for two consecutive quarters, which is what the Eurozone has now done.
Naturally the EU Commission’s agency ‘finessed’ the announcement and issued a long statement which diverted onto other matters such as employment. The simple fact is that the Eurozone is now in recession.
The Eurozone is now officially in recession
- Q4 2022: -0.1% (revised down from initial estimate)
- Q1 2023: -0.1% (revised down from initial estimate)
Brexit Britain is still growing
- Q4 2022: +0.1%
- Q1 2023: +0.1%
[Sources: Eurostat and the UK’s Office for National Statistics.]
If the UK re-joined tomorrow it would join a Eurozone in a recessionary bloc
My readers are well aware that for the United Kingdom to rejoin the European Union it would have to become part of the Eurozone, adopting the Euro as its currency. This is the same for all applicant countries and would equally apply to Scotland should it ever vote to leave the United Kingdom and apply to become a colony of the EU.
On Thursday I learnt that if the UK were to rejoin the EU tomorrow, it would be joining a Eurozone in recession.
As I reported one week ago Germany is now in a fully blown recession https://medium.com/@1949graham/german-economy-enters-recession-amid-a-worsening-outlook-392f8fd0dd09
Just like the UK’s OBR, the EU Commission does not have a good track record of forecasting
It was only last month that the EU Commission predicted growth for the rest of this year across the eurozone. As of the time of this report, the Commission has yet to comment on the latest disappointing figures.
Economic development in eurozone countries varied. The sharpest decline was registered in Ireland with a drop of 4.6%.
The propaganda machine that is Brussels clearly had a problem on Thursday. The raw numbers showed the Eurozone in recession. Did that word appear anywhere in any statements? It did not.
Instead, they produced an unusually lengthy report which wittered on things such as employment and labour productivity. Fortunately, readers have me that cuts through the propaganda.
What a shame the BBC, Sky News, and ITN hasn’t reported on this.
I follow Germany rather closely as Germany is the power machine that keeps the EU going and over the last year I have been reporting to the state of Germany, and it's not been good at all for the Germans. If British readers think we are hard done, spare a thought for the German people who have had their world turned upside down
These are just some of the things that are happening in Germany
https://medium.com/@1949graham/germany-to-try-and-save-german-hospitals-da2d4c14d8cf
Summer is here at last enjoy the sunshine and always remember there is always someone worse off than you.
Sources: EU Commission | Office for National Statistics
