Not so fast for recovery

London – The pace of economic recovery has slowed in Europe’s major economies, according to official estimates Germany, Europe’s largest economy, has seen a sharp slowdown in the third quarter, with growth of 0.7% compared with the record expansion of 2.3% it reported in the previous three months.
In France, GDP grew by 0.4% between July and September, compared with growth of 0.7% in the previous quarter.
The 16 eurozone members grew 0.4% on average, down from 1% growth before.
Italy also saw its rate of recovery decline, to 0.2% from 0.5% in the second quarter.
But in crisis-hit Greece, the economy contracted at a slower rate of -1.1%, compared with -1.7%.
Last month, figures revealed that the British economy had grown by 0.8% in the third quarter.
 Germany’s growth rate in the second quarter – now revised from 2.2% to 2.3% – was the fastest since the country reunified. (BBC)
Here, steam rises from the chimneys in the industrial area in Duisburg, Germany. The German economy could recover more strongly in 2010 than many economists have been predicting, because growth is being boosted by the improving global situation and the government’s stimulus package.