Driven by Germany, Europe posts 1.0 percent growth: data

2nd September 2010, Comments 0 comments

European economic growth outpaced the United States and Japan in the second quarter, driven by Germany's best performance since reunification, European Union data showed Thursday.

The economy in the 16-nation eurozone grew by 1.0 percent between April and June, compared to quarter-on-quarter growth of 0.4 percent in the United States and 0.1 percent in Japan, the Eurostat data agency said.

Europe was pulled up by Germany's best quarterly performance since reunification in 1990, with growth of 2.2 percent, according to the Eurostat figures, which confirmed a previous estimate.

The economy of the 27-nation EU, which includes non-euro members Britain and Poland, also grew by 1.0 percent in the second quarter. This compares to growth of 0.3 percent in the first quarter.

Greece was the only nation stuck in recession with an economic contraction of 1.5 percent, as the eurozone member battles to overcome a public deficit and debt crisis with severe spending cuts.

On an annual comparison with the second quarter of 2009, the eurozone economy grew by 1.9 percent in both the eurozone and the wider EU.

© 2010 AFP

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