Eurozone growth outstrips US despite fresh Greek recession
Source: AP-Excite
By PAN PYLAS
LONDON (AP) — The eurozone economy is growing faster than the U.S. and at its highest tick in nearly two years despite a disappointing slowdown in Germany and recession's return in Greece.
The economy of the 19 countries that use the euro grew by a quarterly rate of 0.4 percent in the first three months ahead, Eurostat, the European Union's statistical agency, said Wednesday. That was up from the 0.3 percent recorded in the previous three-month period and was in line with most expectations in the financial markets.
Growth hasn't been this strong since the second quarter of 2013, when it also stood at 0.4 percent in the wake of the region's longest-ever recession.
The eurozone also grew far faster than the U.S., which saw output expand at a paltry quarterly rate of 0.1 percent largely because of bad weather — on an annualized basis, which is a more common way of measuring growth in the U.S., the eurozone grew at around 1.6 percent against the U.S.'s 0.2 percent.
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A homeless woman is seen near her belongings in central Athens, early Wednesday, May 13, 2015. Greece, which is in the midst of protracted bailout talks with creditors, is now officially in recession again according to data released Wednesday, less than a year after it emerged from a six-year depression. (AP Photo/Petros Giannakouris)
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