German and French economies grow in Q2 of 2013

Germany’s economy has grown at its fastest pace in more than a year, and France is out of recession, putting the whole eurozone on course for modest growth.

The German economy grew by 0.7% in the second quarter, its largest expansion in over a year, while the French economy expanded by 0.5%, more than twice as fast as expected and exiting its own recession.

The growth in Europe’s two largest economies paved the way for positive results of gross domestic product (GDP) data for the whole of 17-nation euro area.

Andreas Scheuerle, economist at Dekabank, told Reuters: “The euro zone has been hauled out of recession and Germany has done the lion’s share of that.”

As Reuters also reported, prices for 10-year German government debt were also steady with the yield around 1.83%, its highest since late June when hints the US Federal Reserve was ready to cut back on its bond-buying programme rocked financial markets.

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