Euro zone escapes recession in revised growth estimate
BRUSSELS (AFP) - Growth figures on Wednesday confirmed that the euro zone finally escaped a damaging 18-month recession in the second quarter, but the bloc still lags well behind in global terms.
The economy of the 17-nation euro zone, home to about 340 million people, grew 0.3 per cent in the three months to June, the Eurostat statistics agency said in a second estimate. That compared with a contraction of 0.2 per cent in the first quarter, originally given as a negative 0.3 per cent.
In the full 27-member European Union, the economy expanded 0.4 per cent in the second quarter, better than the initial 0.3 per cent reading and after shrinking 0.1 per cent in the first. Compared with output in the second quarter last year, the euro zone shrank 0.5 per cent while the EU was flat.
During the same period, the United States economy grew 0.6 per cent compared with the first quarter and by 1.6 per cent compared with a year earlier.