The Euro Area GDP grew by a low rate of 0.2% during the third quarter of 2011; this slow paced growth is mainly due to the continuing low growth rate of Germany’s that grew by 0.5% during the third quarter 2011.
During the second quarter of 2011, Euro Area’s GDP grew by 0.2%; Germany’s GDP inclined by 0.3%.
This report shows that the economic activity in the Euro Area hasn’t improved during the third quarter of 2011 and that Germany – the strongest economy among the Euro Area countries is still showing very little progress.
Other major economies showed better figures as the GDP of the US grew by 0.6%, and GDP of Japan rose by 1.5% during the third quarter of 2011.
This news is likely to further depreciate the Euro against the US dollar and other major currencies. Furthermore, it’s also likely to pull energy commodities prices such as Brent oil prices slightly down, as this modest growth rate might also project on the future economic development of the Euro Area.
Euros to USD is currently traded down at 1.3516 a 0.8560% decrease as of 16:48*.
Current Nymex crude oil price, short term futures (December 2011 delivery) is traded up by 0.36%, at $98.49 per barrel as of 16:39*.
Current gold price, short term futures (December 2011 delivery) is traded at $1,774.20 per t oz. a $4.2 decrease or 0.24%, as of 16:31*.
(* GMT)
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