Euro-zone economies: Mirabile dictu

Posted: August 15, 2013 in economy
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Euro-zone economies


A recovery at last, but no revelation

THE prayed-for recovery in the euro area has finally come to pass. After a dismal 18 months in recession, euro-zone GDP rose by 0.3% (an annualised rate of 1.1%) in the second quarter from its level in early 2013. That outcome was a bit stronger than expected, although the outlook for growth remains weak.

Explore our interactive guide to Europe’s troubled economies

The upturn was led by Germany, whose GDP increased by 0.7%. France did surprisingly well, with output up by 0.5%. There was also some encouraging news from southern Europe. Output continued to fall in Italy and Spain but the rate of decline slackened to 0.2% and 0.1% respectively. And there was a sharp rebound in Portugal, which has suffered a deep recession: its GDP grew by 1.1%.

The pickup still leaves GDP across the euro area 0.7% lower than a year ago. The output declines since the second quarter of 2012 have been biggest in tiny Cyprus, where GDP is down by …

via Economic Crisis


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