Eurozone returns to grow, but many members are still in recession
While both eurozone and EU27 GDP went up by 0.3%, Cyprus economy shrunk by 1.4% compared with Q1 of 2013 – Eurostat
Following the announcement of the end of recession in the eurozone, Eurostat published detailed data of the current situation in all countries in the eurozone and all 28 members of the EU.
While both the 17 countries of the eurozone and the EU27 GDP grew by 0.3%, emerging from an 18 month double-dip recession, the Italian, Spanish, Dutch, Bulgarian, Cyprus’ and Swedish economies all shrunk in Q2 of 2013.
However, the eurozone growth data were better than expected. After welcoming the news as a good opportunity to improve, European commissioner for economic and monetary affairs Olli Rehn (pictured) has urged policy makers not to get to hasty conclusions.
“I hope there will be no premature, self-congratulatory statements suggesting ‘the crisis is over’. For we all know that there are still substantial obstacles to overcome,” he said in his blog post.
Eurostat’s data showed a strong contraction in Crypus’s economy (-1.4%), while Portugal has returned to grow with a positive result of 1.1%. However, the economies of Spain and Italy both shrunk respectively by 0.1% and 0.2% . Greece’s economy figure was not published by Eurostat.
Another negatively surprising result was Netherlands’ negative output (-0.2%).
Outside the eurozone, Sweden’s economy also decreased by 0.1%, while Poland was the only EU economy to avoid recession, posting growth of 0.4%.
Here is a list of some of the European countries’ GDP growth figure in the second quarter compared with the first quarter of 2013.
- Eurozone 0.3%
- EU28 0.3%
- Belgium 0.1%
- Germany 0.7%
- France 0.5%
- Italy -0.2%
- Cyprus -1.4%
- Netherlands -0.2%
- Portugal 1.1%
- Spain -0.1%
- Czech Republic 0.7%
- Poland 0.4%
- Sweden -0.1%
- UK 0.6%
Click here to read Eurostat’s full report.