The eurozone has emerged from recession in the third quarter, boosted by strong growth in Germany, leaving Britain languishing in its longest downturn in history.
The eurozone, which is made up of 16 countries that use the euro, reported that gross domestic product (GDP) — a key measure of economic health - grew by 0.4 per cent in the three months to September. The 27-nation European Union, which is home to half a billion people, also reported growth of 0.2 per cent in the third quarter.
Germany, the zone's biggest economy, confirmed its recovery, after exiting recession in the second quarter, when it said that GDP increased by 0.7 per cent in the third quarter. France also underlined its recovery, with 0.3 per cent growth.
Italy also emerged from recession today, with quarterly growth of 0.6 per cent following five quarters of contraction along with the Netherlands. However, Spain's economy continued to contract, shrinking 0.3 per cent in the third quarter.