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.