Europe exits recession; EU economy grows 0.3% in Q3

Last Updated: Thursday, December 3, 2009 - 20:09

London: Europe has emerged out of recession,
with GDP in the 27-nation European Union expanding by 0.3 per
cent in the third quarter.

With positive growth in the September quarter, Europe has
joined the likes of the US and Japan, among others in exiting
recession.

Further, the 16-nation euro zone -- which shares the
common currency euro -- recorded a GDP growth of 0.4 per cent
in the three months ended September.

One of the worst hit by the global financial meltdown,
Europe has been grappling with deteriorating economic
situation for the past many quarters.

"GDP increased by 0.4 per cent in the euro area and by
0.3 per cent in the European Union during the third quarter of
2009," Eurostat, the statistical agency of the European
Communities said in a statement today.

In the June quarter, economies had shrunk 0.2 per cent
and 0.3 per cent in the euro zone and European Union,
respectively.

Among the member nations, German economy grew for the
second quarter in a row, expanding 0.7 per cent in the
September quarter. France and Italy clocked a third-quarter
growth of 0.3 per cent and 0.6 per cent, respectively.

In the September quarter, American economy climbed 0.7
per cent while the Japanese GDP rose 1.2 per cent.

To tide over the raging financial turmoil, many countries
had come up with massive stimulus packages to bolster their
sagging economies.

PTI



First Published: Thursday, December 3, 2009 - 20:09

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