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LequteMan
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The Eurozone has come out of recession after a record 18 months of economic contraction. It’s GDP grew by 0.3% in the second quarter of the year, slightly ahead of forecasts, said the Eurostat agency.
The overall growth was primary boosted by an 0.7% rise in Germany’s economy between April and June. France also posted a stronger-than-expected growth of 0.5% while Portugal, among the weakest and smallest economies showed the fastest growth, at 1.1%.
Not all of the 17 countries in the zone showed a growth as Spain’s economy fell by 0.1% in the quarter. Also, Italy and the Netherlands both saw output drop by 0.2%.
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.
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."