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Economy

EU Recession Is Over

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By Douglas A. McIntyre Published
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After years of recession, and fears that the recession would continue years longer, Europe has moved back into the GDP growth column. The EU research arm said about the growth of gross domestic product in the area:

GDP rose by 0.3% in both the euro area (EA17) and the EU27 during the second quarter of 2013, compared with the previous quarter, according to flash estimates published by Eurostat, the statistical office of the European Union. In the first quarter of 2013, growth rates were -0.3% and -0.1% respectively.

Europe gets to join the United States and China in GDP growth, although there are worries that growth has slowed in each of the two big nations.

Not all nations within the region were so fortunate. Based on the same measure, Spain’s gross domestic product dropped 0.1%, Italy’s by 0.2% and Cyprus’s by 1.4%. Greece did not report for the same period, but its contraction was almost certainly the greatest in the European Union.

Economic growth appears to have slowed around much of the world so far in the third quarter. Europe may be no exception. Therefore, purchasing managers index (PMI) and unemployment numbers may be the next indication of how well Europe actually has rebounded.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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