Oops – Eurozone now officially in recession, while Brexit Britain still grows

Latest official figures show yet again that the UK dodged a bullet

CIBUK summarises the bad news for those who want to rejoin the EU

On Thursday the data from the EU’s official statistics agency revealed the Eurozone as a whole has fallen into recession. This is the technical definition when an economy contracts for two consecutive quarters, which is what the Eurozone has now done.

Naturally the EU Commission’s agency ‘finessed’ the announcement and issued a long statement which diverted onto other matters such as employment. The simple fact is that the Eurozone is now in recession.

Summary

The Eurozone is now officially in recession

Q4 2022 : -0.1% (revised down from initial estimate)
Q1 2023 : -0.1% (revised down from initial estimate)

Brexit Britain is still growing

Q4 2022 : +0.1%
Q1 2023 : +0.1%

[Sources : Eurostat and the UK’s Office for National Statistics.]

If the UK re-joined tomorrow it would join a Eurozone in a recessionary bloc

Our readers are well aware that for the United Kingdom to rejoin the European Union it would have to become part of the Eurozone, adopting the Euro as its currency. This is the same for all applicant countries and would equally apply to Scotland should it ever vote to leave the United Kingdom and apply to become a colony of the EU.

Last Thursday we learnt that if the UK were to rejoin the EU tomorrow, it would be joining a Eurozone in recession.

As Brexit Facts4EU reported one week ago, since the EU Referendum the UK’s economy has grown faster than that of Germany, the EU’s ‘economic powerhouse’.

Just like the UK’s OBR, the EU Commission does not have a good track record on forecasting

It was only last month that the EU Commission predicted growth for the rest of this year across the eurozone. As of the time of this report, the Commission has yet to comment on the latest disappointing figures.

Economic development in eurozone countries varied. The sharpest decline was registered in Ireland with a drop of 4.6%.

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Observations

The propaganda machine that is Brussels clearly had a problem on Thursday. The raw numbers showed the Eurozone in recession. Did that word appear anywhere in any statements? It did not.

Instead they produced an unusually lengthy report which wittered on about things such as employment and labour productivity. Fortunately readers have CIBUK and our affiliate organisation, the Brexit Facts4EU.Org team to cut through the propaganda.

What a shame the BBC, Sky News, and ITN hasn’t reported on this.

CIBUK thanks its Affiliated Organisation, Brexit Facts4EU.Org for their research and permission to republish this article.

The Brexit Facts4EU.Org article can be found here.