Offshore Capitalist

Eurozone emerges from recession

The eurozone economy has emerged from recession after growing between July and September, figures have shown.

The 16 nations that use the euro collectively grew 0.4%, after shrinking by 0.2% between April and June.

The French and German economies both grew for a second consecutive quarter, confirming the eurozone’s two largest economies are out of recession.

However, both France and Germany grew by less than expected, a sign of how tentative signs of recovery remain.

The European Union as a whole – which includes non-eurozone countries such as the UK and Sweden – also emerged from recession, growing 0.2% in the third quarter.

Germany’s economy grew by 0.7% in the quarter, while France grew by 0.3%. Both economies and Japan ended year-long contractions in the second quarter of the year, while the US has since joined them after its economy grew in the third quarter.

However, the UK remains in recession, having contracted by 0.4% between July and September.

The UK, Europe’s second largest economy, has now contracted for six consecutive quarters, the first time this has happened since quarterly figures were first recorded in 1955.

via BBC NEWS | Business | Eurozone emerges from recession.

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