San Francisco Chronicle

Bloc emerges from recession


Europe emerged from a doubledip recession in the second quarter with strongerth­anexpected growth of 2.0% over the quarter before, according to figures released Friday, as pandemic restrictio­ns eased, consumers started spending builtup savings and major companies showed stronger results.

But the economy in the 19 countries that use the shared euro currency still lagged behind prepandemi­c levels and trailed the faster recoveries in the U.S. and China.

The growth figure for the AprilJune quarter announced by the European Union’s statistics agency Eurostat compared to a drop of 0.3% in the first quarter of 2021, as eurozone nations endured a doubledip recession after a rebound in mid2020.

Friday’s figures leave the eurozone 3% smaller than before the virus outbreak, according to Capital Economics.

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