(Berlin)

In what could be a sign of a looming recession in Western countries, the EU just released its worst GDP figures in four years. The third quarter produced just 1.7% growth across the EU, the worst number in four years. The pace slowed from the second quarter, when growth was at 2.2%. Oxford Economics commented on the numbers that “‘temporary factors’ have been overplayed to justify the slowdown in the eurozone economy at the start of the year, and that risks are clearly skewed to the downside.” Notably, Italy produced no GDP growth in the third quarter.

FINSUM: We wonder if this is a case of the EU suffering its own problems, or whether it may be systemic and spreading.