EU Recession Is Over

Douglas A. McIntyre

After years of recession, and fears that the recession would continue years longer, Europe has moved back into the GDP growth column. The EU research arm said about the growth of gross domestic product in the area:

GDP rose by 0.3% in both the euro area (EA17) and the EU27 during the second quarter of 2013, compared with the previous quarter, according to flash estimates published by Eurostat, the statistical office of the European Union. In the first quarter of 2013, growth rates were -0.3% and -0.1% respectively.

Europe gets to join the United States and China in GDP growth, although there are worries that growth has slowed in each of the two big nations.

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Not all nations within the region were so fortunate. Based on the same measure, Spain's gross domestic product dropped 0.1%, Italy's by 0.2% and Cyprus's by 1.4%. Greece did not report for the same period, but its contraction was almost certainly the greatest in the European Union.

Economic growth appears to have slowed around much of the world so far in the third quarter. Europe may be no exception. Therefore, purchasing managers index (PMI) and unemployment numbers may be the next indication of how well Europe actually has rebounded.

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