Double dip rescession maybe not.

A fear of a double dip recession came first when Greece's debt crisis was causing havoc on the powerhouse Euro currency. The Euro, has lost it's value as the crisis was moving forward, meanwhile here in North America our TSX and Dow Jones went up and down that resulted in no real change. The fear of a double dip has been growing as the job reports show that in both countries Canada and U.S we lost jobs in July. This might all prove that a double dip recession is going to happen, but the Euro zone (the 16 nation that uses the currency) has posted a gain of 1% from the moths (April and May) gaining more than the U.S 0.6% gain, While here in Canada 1.5% gain. The Euro zone even in the midst of the Greek debt crisis was expected to have a 0.7% growth out did expectations, but some parts of the Euro did better than others. Germany did the best with a 2.2% increase there highest increase sine unification, but other countries like France gave U.S numbers. The worst performing one's where Spain that only gained 0.2% this of no surprise as Spain has a nearly 20% unemployment, but those are small potatoes compared with Greece's contracting economy that reduced by 1.5%. The global economy is growing which is good indicator that a double dip recession might not happen.

Germany was the clear leader, with data showing its powerhouse economy expanded by 2.2 per cent.

Data released Thursday showed the Greek economy contracted by 1.5 per cent in the quarter. And while Spain eked out a small 0.2 per cent gain, its unemployment rate sits near 20 per cent.

"Despite an inevitable slowdown, all ingredients are there for the German economy to take the next step toward a self-sustained recovery," ING economist Carsten Brzeski said.

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