Euro zone officially emerges out of recession
The 17-country euro zone has emerged from recession after 17 months, going by figures released on August 14 2013 by European Union statistics office Eurostat.
GDP rose by 0.3 per cent in both the euro zone and the 27 members of the European Union during the second quarter of 2013, compared with the previous quarter, according to flash estimates published by Eurostat. In the first quarter of 2013, growth rates were -0.3 per cent and -0.1 per cent, respectively.
Compared with the same quarter of the previous year, seasonally adjusted GDP fell by 0.7 per cent in the euro area and by 0.2 per cent in the EU27 in the second quarter of 2013, after -1.1 per cent and -0.7 per cent, respectively, in the previous quarter.
(Photo: Carlos Paes/sxc.hu)
