- A preliminary release showed a 0.7-percent increase in the United Kingdom’s economy from the previous quarter and a 2.8 percent increase compared to Q4 2003. Economic growth for 2004 overall was 3.1 percent greater than 2003. The country’s unemployment rate remained unchanged at 4.7 percent compared to the previous period and dropped 0.1 percent from the same period (November- January) a year ago.
- Germany’s jobless rate increased to 12.6 percent, 0.5 percent above the previous month and a 1.5 percent increase from February 2004.
- France’s National Institute of Statistics and Economic Studies (INSEE) reported that 2004 was an upturn year for the French economy, yet the process was interrupted midyear. “The second half of the year, when the tendency was more uneven and the oil price was rising strongly, marked a shift to a period of less robust growth,” said the INSEE in its March report. “For the year as a whole, growth was underpinned by domestic demand, while the contribution from foreign trade remained negative. French exports benefited very little from a highly dynamic world environment and were restricted by the slackness of demand in neighboring European countries. The result for the first half of 2005 is therefore expected to be self-sustained growth of around 2 percent.”
- The unemployment rate for France was 10 percent, 0.1percent above the previous month. The INSEE said the rate should stabilize to an estimated 9.9 percent in June after peaking in the early part of the year.
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