The euro zone’s largest economy Germany might be powering ahead in terms of growth but the euro zone as a whole is heading towards a “catastrophe,” one economist warned on Friday.
Growth data for Germany released on Friday showed the economy had grown by 0.3 percent since the last quarter, marking a 1.1 percent increase year-on-year. In addition, the business climate index from German think-tank Ifo – which measures business confidence among 7,000 domestic firms – climbed to 109.3 in November, surpassing forecasts and October’s 107.4 reading.
The data followed euro zone business activity for November which indicated a growing divergence between Germany and the rest of the euro zone.
Both the German manufacturing and the services sectors performed better than expected while data for France, the euro zone’s second largest economy, showed a contraction.
via <a href=”http://www.cnbc.com/id/101220569″>’CNBC</a>
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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