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Eurozone growing but at a snail's pace, Greece out of recession

Eurozone growing but at a snail's pace, Greece out of recession
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Eurozone economic growth remains at a snail’s pace, but was stronger than expected in the period from July to September.

The preliminary estimate by the European Union’s statistics office Eurostat shows that overall the 18 countries sharing the euro expanded 0.2 percent from the previous quarter

That is double the rate between April and June.

France beat market expectations, Germany avoided recession and Greece showed signs of revival.

Year-on-year, eurozone growth in the third quarter was 0.8 percent, slightly better than economists had expected.

Eurostat data showed Europe’s biggest economy Germany expanded by 0.1 percent, so avoiding a second quarter of negative growth.

The eurozone’s second biggest France grew 0.3 percent against market expectations of a 0.2 percent gain.

Nick Kounis, the head of macro and financial markets research at ABNAMRO, said: “A slow recovery rather than a third recession looks to be on the cards. Having said that, this is not an outlook that policymakers could possibly be satisfied with.”

We learned that Greece’s economy emerged as early as the first quarter of this year from its six-year long recession and has been growing ever since.

The seasonally adjusted data showed Greece posted three consecutive quarters of growth this year starting with 0.8 percent between January and March.

That is the first time the economy has expanded since the second quarter of 2009.

It then grew 0.3 percent in the second quarter and 0.7 percent in the third quarter.

with Reuters