GDP up in both EU and Euro area

GDP rose by 0.3% in both the euro area and the EU during the second quarter of 2013, compared with the previous quarter, according to estimates published by Eurostat, the EU statistical office, Wednesday. In the first quarter of 2013, growth rates had dropped by 0.3% in the euro area and by 0.1% in the EU. EU Commissioner for economic affairs, Olli Rehn, in press statements commented that "today's figures, when combined with other recent positive survey data are encouraging and suggest the European economy is gradually gaining momentum." He added, however, "there are still substantial obstacles to overcome: the growth figures remain low and the tentative signs of growth are still fragile." "The averages hide important differences between Member States, a number of Member States still have unacceptably high unemployment rates; the implementation of essential but difficult reforms across the EU is still in its early stages. So there is still a very long way to go," he added.