Data from Eurostat, the European Union’s statistics office, on Wednesday showed that the Eurozone’s GDP grew 0.3% in the second quarter, ending its longest recession since its establishment in 1999. The recovery was spearheaded by Germany, which reported GDP growth of 0.7%, and France, whose GDP grew 0.5%. Portugal, one of three countries that have received massive bailouts from international creditors, showed the fastest growth in the Eurozone – 1.1%.
Olli Rehn,Vice President of the European Commission, saidthe latest economic data suggests the Eurozone is growing but the growth remains slow is still fragile. He added that some euro zone countries have unacceptably high unemployment rates and that the implementation of reforms across the EU is still in its early stages.