Economic growth signals end of Euro recession
The second quarter of this year has seen positive economic growth from both Germany and France, overshooting projected figures. This has pushed Europe up and out of the recession for the first time in several years.
Germany and France are two of the biggest countries in Europe and Germany is widely regarded as having the strongest economy. Following a plateau in economic growth in the first quarter of this year, Germany posted a 0.7% rise in the second quarter. France came back from a 0.2% dip in the first quarter to a 0.5% rise in Gross Domestic Product between the months of April and June.
Consumer spending was the main driver for this growth which was calculated at 0.3% within this period. Despite the small figures, the growth has had a significant effect, ending Europe’s double dip recession.
Germany has fully lived up to its reputation as an economic powerhouse, dragging the Eurozone out of trouble by surpassing almost all of its European neighbours in the second quarter of this year. In addition to stabilising the situation in Europe, this positive growth is also good news for the global economy, although there is still a way to go for complete recovery.