For months now we have been reporting on the global recession and how this has been negatively affecting the PV market world-wide; now, countries such as Germany and France have emerged from the recession announcing a market surge which could in turn improve the prospects for the 2009 solar market results. This surprise return to growth from the eurozone’s two biggest economies boosts the hopes for the PV market, rising up from the most serious financial crisis since the 1930s. Germany has not reported a positive market growth since the first quarter of 2008.
This news will come as a relief for the rest of Europe, as many, including PV-Tech didn’t expect positive market news until at least 2010.
Europe’s largest economy, Germany, recorded a surprise rise of 0.3% in gross domestic product, ending its worst recession since the WWII. France also returned to growth, mirroring Germany’s rise in GDP.
“There is a more than decent chance that eurozone economic activity has now hit a bottom and will expand again in the third quarter, as many other eurozone economies follow Germany and France out of recession,” said Martin van Vliet at ING.
Portugal and Greece also recorded 0.3% quarterly growth in the three months to June, while Italy, the Netherlands, Belgium and Austria continued to shrink.
While this is a positive move in terms of global economic recovery, we are not necessarily jumping to the conclusion that the PV industry is out of the woods quite yet. However, we will be sure to keep an eye on this recovery, and report on any more PV market related news as it comes in.