Eurozone emerges from recession

eEurozone exits recession following an unprecedented 18 months of economic contractionThe eurozone has finally emerged from recession following an unprecedented 18 months of economic contraction. Its GDP grew by 0.3% in the second quarter of 2013.

The expected growth follows news that the German economy rose 0.7% between April and June. Germany and France both posted stronger-than-expected growth, expanding 0.7% and 0.5% respectively. Portugal showed the fastest growth, at 1.1%.

The country was one of three that had to take a multi-billion-euro bailout but has recently seen its fortunes take a turn for the better. Not all bloc countries fared quite so well. Italy and the Netherlands both saw output drop by 0.2%.
Spain, saw its economic output fall by 0.1% over the quarter.

European Commission Vice-President Olli Rehn said the figures suggested the European economy was gradually gaining momentum, but added there was no room for complacency. "There are still substantial obstacles to overcome: the growth figures remain low and the tentative signs of growth are still fragile," he said.
"A number of member states still have unacceptably high unemployment rates; the implementation of essential, but difficult reforms across the EU is still in its early stages. So there is still a very long way to go."

Analysts from Capital Economics said: "The return to modest rates of economic growth in the eurozone as a whole won't address the deep-seated economic and fiscal problems of the peripheral countries."

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