Europe's recession may be over

MARKETS in the eurozone rose overnight after official figures revealed the region has tentatively emerged from recession.

After a record 18-months of economic contraction the bloc's gross domestic product grew by 0.3 per cent in the June quarter according to Eurostat, which is slightly ahead of expectations.

Germany and France were among the strongest, seeing growth of 0.7 and 0.5 per cent respectively.

The figures show growth in France was driven by domestic demand, both consumption and government spending, suggesting government austerity was less of a drag on growth. 

The standout was Portugal, which is one of the poorest European nations and one of the three to be bailed out.

Read more at ABC News Online

Topics:  contagion economy europe eurozone recession

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