14 August 2013 13:00 [Source: ICIS news]
LONDON (ICIS)--The eurozone has emerged from recession after 18 months of contraction, expanding by 0.3% in the second quarter of the year compared to the January-March period, data from statistics agency Eurostat showed on Wednesday.
EU GDP was also up quarter-on-quarter at 0.3%, Eurostat added. However, GDP for both regions contracted year on year during the period, with the eurozone contracting by 0.7% and the EU economy shrinking by 0.2%
The improved economic data was hinted at by manufacturing and service sector purchasing managers’ index (PMI) scores for July from research group Markit released earlier this month, showing that the outputs for both sectors had returned to growth.
At 50.5 the economic bloc’s composite PMI score that month was its highest in almost two years.
Eurostat GDP data for the US showed that the country’s economic momentum continues to develop, expanding by 0.4% quarter and quarter and 1.4% year on year.
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