Tuesday, 28 September, 2021

Eurozone out of recession after economy grows 2pc

  • Sun Online Desk
  • 31st July, 2021 04:45:16 PM
  • Print news

The eurozone's economy grew by 2% in the second three months of the year, taking the region out of recession.

New figures suggest there was growth in all the individual national economies which reported data.

The 19-nation bloc had suffered a so-called double-dip recession when the economy contracted in the previous two quarters.

However, the eurozone remains 3% down from its pre-pandemic level in late 2019.

A recovery is under way in the region after the surge in coronavirus infections in the winter.

In Italy and Spain, two countries whose economies were badly damaged by the pandemic, growth approached 3% in both.

There was an even stronger rebound in Austria and Portugal, with the latter reporting its economy had expanded by 4.9%.