France, Eurozone Out of Recession

    Men walk out of a Carrefour store after shopping, on July 9, 2013, in Bucharest, Romania. With 119 stores and sales of local one billion euros in 2011, the retail giant Carrefour intends to use the discovery by Romanians "joys" of consumption, after decades of deprivation under the communist regime.  AFP PHOTO / ANDREI PUNGOVSCHI        (Photo credit should read ANDREI PUNGOVSCHI/AFP/Getty Images)

    Andrei Pungovschi/AFP/Getty

    Bring out the champagne, the Eurozone is out of recession. According to economic data released on Wednesday, GDP grew by 0.3 percent in the second quarter of 2013, slightly ahead of forecasts. Germany and France both had unexpectedly strong growth, with France growing by 0.5 percent over the same quarter last year—the best results in two years. France’s unpopular Socialist government took credit for the turnaround, although analysts said that the unexpected growth came from improved domestic consumption, with industrial output increasing only accounting for minimal increases. Portugal, one of the countries that had been forced to take a bailout from the eurozone, reported 1.1 percent growth. But it wasn’t all good news: Spain’s economic output fell by 0.1 percent, and Italy and the Netherlands both dropped 0.2 percent.

    Read it at BBC News