Three classes of membership for three different economic situations within the Eurozone. In the note to clients released today, Goldman Sachs defines only Germany, Holland and Finland as 'core' countries in the euro area, while France, Austria and Belgium are included in the class of 'semi-core' countries.
Italy falls, as it has done for some time now, in the third class, that of peripheral countries, together with Spain, Portugal, Greece and Ireland. 'Although this categorization – reads the note from Goldman Sachs – is by no means carved in stone (according to the latest data, for example, the strong growth recorded in Germany and France has allowed the Eurozone to emerge from the recession, while the Netherlands has contracted for the fourth consecutive quarter), we use these groupings for convenience of presentation'.
In the note, Goldman analysts observe that from mid-2009 to today, i.e. from the worst moment of the crisis, the 'core' countries have achieved average economic growth of 7% while the 'semi-core' countries have grown by 4%. % about. On the other hand, the figure relating to peripheral countries is bleak, whose GDP is on average 3,3% below the level of mid-2009.
