Figures show green shoots in Eurozone

The Eurozone has emerged from recession with growth of  0.3 percent in the second quarter of 2013 although some countries are still in recession. Portugal has made the greatest contribution to the growth of the zone with a growth rate of 1.1 percent. The GDP rose by 0.3% in euro area1 (EA17) and by 0.4% in EU27 during the second quarter of 2013 compared with the previous quarter, according to recent data issued by Eurostat, the statistical office of the European Union. Growth rates in these zones were -0.2 per cent and -0.1 percent respectively In the first quarter of 2013. Portugal, among the European countries with the most problematic economies, recorded the highest growth (+1.1%) among Eurozone member states in the second quarter of 2013 compared to the previous quarter, despite a 0.4 percent GDP shrink in the first quarter. Portugal was followed by Germany, Lithuania, Finland and the United Kingdom (all +0.7%). However, the Greek Cypriot administration of southern Cyprus (-1.4%), Slovenia (-0.3%), Italy and the Netherlands (both -0.2%) registered the greatest decreases in the second quarter. Across the Eurozone, the seasonally adjusted GDP fell by 0.5% in the second quarter of 2013, compared to the same quarter of 2012. - "Growth in Europe still 'weak'" - Economic recovery continues across Europe but with "weak growth," Chief European Economist of Capital Economics Jonathan Loynes told Anadolu Agency, "The growth in Europe follows a flat trend however with an improvement in all components of the growth. There has been an ongoing increase in household consumption expenditure in Europe for the last seven quarters while investments have been on the rise since the first quarter of 2011," he said. Stressing that exports outgrew imports in Europe, Loynes noted that the resultant trade makes even a little positive contribution to the said growth. "The economic indicators are proof of a little more growth also in the third quarter in Europe," he added. Loynes further expressed that growth in Europe would continue despite consumer outlook remaining weak.