The eurozone economy has emerged from recession in the second quarter, thanks to the easing of corona measures and the global economic recovery from the corona crisis.
According to new figures from the European statistical office Eurostat, growth was back in the second quarter, after two previous quarters of contraction.
Compared to the previous quarter, the economy grew by 2 percent, which also means more substantial growth than economists on average had foreseen. Compared to the same period last year, this is a growth of almost 14 percent.
In the first quarter of this year, there was still a slight contraction for the economy due to the lockdowns against the corona pandemic. Thus, with two consecutive quarters of economic contraction, the eurozone economy had entered a technical recession.
But now that the measures have been relaxed more and more, consumers are spending more money in, for example, shops and the catering industry. As a result, it has already been shown that activity in the euro area industry and services sector is now at its highest level in years.
