Euro zone's longest-ever recession comes to an end
LONDON (AP) – The longest-ever recession to afflict the euro zone came to an end in the second quarter of the year, official figures confirmed on Wednesday.
Eurostat, the European Union’s statistics office, said the 17 European Union countries that use the euro saw their collective economic output grow by 0.3 per cent in the April to June period from the previous quarter.
That’s the first quarterly growth since the euro zone slipped into recession in the last three months of 2011. The ensuing recession of six quarters was the longest since the euro currency was launched in 1999.
The improvement made up for the previous quarter’s equivalent decline and was moderately better than the 0.2 per cent anticipated in the markets. Growth, however anemic, had been predicted by many economists following an easing in market concerns over Europe’s debt crisis over the past year and record low interest rates from the European Central Bank.