Analysts may claim that the new GDP data from the euro area demonstrates the region went into recession in Q4 2011. GDP fell .3% according to Eurostat. Much of the drag came from Germany, the region’s largest economy. GDP there fell .2% in the fourth quarter. The euro area cannot recover without an improvement in Germany. No one will be shocked that Italy’s economy contracted by .7%. The sovereign debt of the country has been under assault for the better part of the year. The same can be said for Spain, where the fourth quarter contraction was .3%.
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