The third quarter of the 2008 formal GDP season is finally over. The season featured unmatched tension, drama and controversy, keeping investors on the edge of their seats throughout. But France has done it.
The nation has unexpectedly pulled ahead of Germany and Britain to finish first in the overall GDP rankings. Fighting back against the odds, France notched up an impressive PLUS 0.1 per cent growth, as other countries’ engines stalled or they fell out of the race completely.
Those latest Q3 rankings:
1) France: +0.1 per cent (avoids recession, overall European champion)
The Netherlands: Zero growth (two successive growth stagnations)
Austria: -0.1 per cent (first contraction since 1993)
Spain: -0.2 per cent (not in official recession yet, but heading there)
UK: -0.5 per cent (first contraction since 1992, follows zero growth in previous quarter)
Germany: -0.5 per cent (official recession, second official contraction)
Italy: -0.5 per cent (official recession, second official contraction)
(Par) Euro Zone performance: -0.2 per cent (first technial recession, personal best)
Commenting on her performance in that final lap quarter, a beaming Christine Lagarde explained
“Consumption and company investment are the two motors that pulled France, pulled us ahead of Germany, ahead of Britain.”
