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European growth is "as good as it gets"
Latest GDP data from the Eurozone is as "good as it gets" for the next couple of years. That's according to Saxo Bank's Head of Macro Strategy, Mads Koefoed. Third quarter German GDP growth shrank to 0.3%. France GDP is shrinking again, down 0.1% in Q3. The Eurozone as a whole is still out of recession, but only just.
Mads says he's worried about France. There's a very unhealthy environment for business in the country, he says. High taxes and high wages are putting a damper on competitiveness
Mads is more upbeat about Germany. He says the interesting aspect of its continued success is that GDP growth was driven almost entirely by domestic demand. He believes that's going to be the case for some time to come.
01:36 minutes
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