An influential group of European economists that ascertains periods of expansion and recession said Thursday it remains clear whether the euro zone has emerged from recession, despite the release of figures that showed the currency area's economy grew for a second straight quarter.
"While it is possible that the recession ended, neither the length nor the strength of the recovery was sufficient to declare that the euro area has come out of recession," the CEPR's committee said.
"The committee does not rule out the possibility that the euro area might have been experiencing only a pause in the recession that started after the third quarter of 2011."
The CEPR is a network of over 700 economists, primarily based in European universities, that dates periods of expansion and recession.
Its Euro Area Business Cycle Dating Committee provides judgments on the currency area's entry into and emergence from recession that is independent of policy makers, in much the same way as the National Bureau of Economic Research's Business Cycle Dating Committee in the U.S.
Figures released by the European Union's official statistics agency Eurostat earlier Thursday showed that the euro zone's gross domestic product increased at an annualized rate of 0.4% in the three months through September, having also expanded in the second quarter.
The committee doesn't use the common definition of a recession as being two consecutive quarters of contracting GDP. Instead, it the uses a broader definition, as does the NBER, placing more weight on developments in the jobs market.
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"While it is possible that the recession ended, neither the length nor the strength of the recovery was sufficient to declare that the euro area has come out of recession," the CEPR's committee said.
"The committee does not rule out the possibility that the euro area might have been experiencing only a pause in the recession that started after the third quarter of 2011."
The CEPR is a network of over 700 economists, primarily based in European universities, that dates periods of expansion and recession.
Its Euro Area Business Cycle Dating Committee provides judgments on the currency area's entry into and emergence from recession that is independent of policy makers, in much the same way as the National Bureau of Economic Research's Business Cycle Dating Committee in the U.S.
Figures released by the European Union's official statistics agency Eurostat earlier Thursday showed that the euro zone's gross domestic product increased at an annualized rate of 0.4% in the three months through September, having also expanded in the second quarter.
The committee doesn't use the common definition of a recession as being two consecutive quarters of contracting GDP. Instead, it the uses a broader definition, as does the NBER, placing more weight on developments in the jobs market.
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