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Eurozone's longest ever recession is 'finally over', new figures are set to show

Time:6/17/2017 11:13:10 AM

Eurozone's longest ever recession is 'finally over', new figures are set to show
The eurozone’s longest recession is over, figures are expected to show today.
Signs that the 17-nation single currency bloc has returned to growth sent Germany’s DAX stock-exchange index higher and fuelled hopes that the continent’s dole queues have stopped growing.
Also bolstering confidence was a survey from Germany’s ZEW think-tank showing the country’s investors taking a cheerier view of economic prospects.
Today’s figures from the Eurostat agency are forecast to show the recession that hit the eurozone in the fourth quarter of 2011 ended with a return to growth in the second quarter of this year.
The six-quarter standstill was the longest in the bloc’s history, but not as deep as the five quarters of recession that started in the second quarter of 2008.
Germany’s economy is playing a major role in pulling the Eurozone out of slump. It grew by just 0.1 per cent during the first quarter but is thought to have grown by 0.7 per cent in the second quarter.
Eurozone: Figures are set to show the recession ended with a return to growth in the second quarter of 2013
And the troubled Italian and Spanish economies are known to have stabilised in the second quarter, shrinking in the second quarter by just 0.2 percent and 0.1 per cent respectively, against 0.6 per cent and 0.5 per cent in the first quarter.
‘I originally expected the eurozone’s economy to have eked out marginal growth of 0.1 per cent growth quarter-on-quarter in the second quarter, but latest data suggest growth could have been 0.2 per cent or even 0.3 per cent,’ said Howard Archer, economist with independent forecasting group IHS Global Insight.
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