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Eurozone economy perks up

factoryThe economy in the eurozone ended the year with improved standing, growing by 0.3% in the last three months of 2013.

It was the third quarter of growth since the region came out of an 18-month recession, the longest period of contraction the zone has known.

Portugal also has reason to celebrate as its growth from October to December was 0.5%, slightly above average. Remarkably, growth in the period was strong than that in Germany which reported 0.4%.

It too has enjoyed three consecutive quarters of growth.

Compared to the final quarter of 2012, growth of 5.1% was registered.

The figures indicate that the eurozone is on the path of recovery, albeit slowly. Economic activity is still 2.7% below the 2008 peak just before the economic meltdown. But unemployment in the region has begun to stabilise.

Observers pointed out that growth and signs of recovery came from both north and south countries.

Spain marked 0.3% growth, as did France which meant that it managed not to slip into recession.

The Italian economy managed to grow for the first time since the middle of 2011. Although its 0.1% rate was below the eurozone average, it is the first move out of recession for two years.

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