Eurozone eases out of recession

Photo credit: Eisenrah

The Eurozone has struggled under the weight of deficit for several years following the global financial crisis, with prices plummeting in housing markets across the continent. Now, though, there are signs of improvement in the Eurozone economy, which grew 0.3 per cent.

“Germany very much remains the engine of the European economy,” notes the BBC. Indeed, Germany led the way in the growth with a strong rise of 0.7 per cent in the second quarter of 2013. As a result, investor confidence is improving while consumers are also spending again.

The French economy also saw surprisingly strong growth of 0.5 per cent, which was twice as fast as predicted. The mood is starting to changing in light of the figures. While some countries are still stuck in an economic malaise - including Greece, which saw minor growth at 0.3 per cent - sentiment is beginning to turn.

Despite the first glimmer of a recovery from recession, official figures still say that the Eurozone economy will contract overall during 2013 before a stronger rebound kicks in next year.