Belfast Telegraph

Eurozone finally rises from recession

By John-Paul Ford Rojas

The eurozone has finally emerged from its prolonged recession as figures show it grew by 0.3% in the second quarter.

It is the first time that output in the single currency bloc has increased since late 2011.

The end of the recession, which lasted for six straight quarters, may mark a key moment for economies throughout the world.

In Britain, the fragile recovery has been dogged by fears over the impact of turbulence in the eurozone, its biggest trading partner.

The 0.3% growth across the 17 countries of the single currency area compared to the last quarter, announced by the European Union's Eurostat office, was slightly ahead of expectations of 0.2%.

It was largely driven by Germany, Europe's biggest economy, gaining steam with a 0.7% increase in output after a flat start to the year.

France is officially out of recession after posting 0.5% growth.

There were also encouraging signs elsewhere, notably from Portugal, which grew 1.1% while there were even signs that Greece's deterioration is starting to tail off.

Belfast Telegraph