Europe has added concrete to its recovery

Output gaps in Europe are large, but any recovery must begin with a single quarter of positive growth. Now the region now has a solid foothold to climb out.

The economic recovery in the eurozone is gaining breadth and momentum. There now seems little doubt that the eurozone is exiting a long and deep recession and that GDP growth is likely to lift to a decent pace in the next 12 to 18 months.

The eurozone’s GDP rose 0.3 per cent in the June quarter, with the big news being the stronger than expected growth rates in both Germany and France.


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