{{The economies of Germany and France grew faster than expected in the second quarter, bettering a widely heralded expansion in the United States and pulling the euro zone out of a 1-1\/2 year-long recession.}}<\/p>\n
The increased pace was primarily driven by renewed business and consumer spending in the 17-country bloc’s two largest economies. The euro zone economy was fragile overall, however, with some countries, notably Spain and Italy, still struggling.<\/p>\n
European Economic and Monetary Affairs Commissioner Olli Rehn said the data released on Wednesday showing 0.3 percent euro zone growth for the three months to June meant a nascent recovery was on a more solid footing.<\/p>\n
But he said there was no room for complacency and that maintaining pace depended on “avoid(ing) new political crises and detrimental market turbulence”.<\/p>\n
The euro zone has been in a debt crisis for more than 3-1\/2 years.<\/p>\n
Germany, the bloc’s economic powerhouse, grew 0.7 percent, its largest expansion in more than a year, thanks largely to domestic private and public consumption.<\/p>\n
France’s economy expanded 0.5 percent, pulling out of a shallow recession to post its strongest quarterly growth since early 2011. The turnaround was driven by consumer spending and industrial output, although investment dropped again.<\/p>\n
French and German growth compared with a second-quarter expansion of around 0.4 percent in the United States, considered one of the bright spots of the global recovery.<\/p>\n
Improvement was noticeable elsewhere in the bloc. Bailed-out Portugal’s GDP leapt 1.1 percent in the quarter, its strongest in almost three years, due to higher exports and the easing of a previous investment slump.<\/p>\n
{reuters}<\/p>\n","protected":false},"excerpt":{"rendered":"
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