Euro Zone Sees End to Six Quarters of Recession
(NEW YORK) -- After six consecutive quarters of economic contraction, the European Union's combined gross domestic product rose in the most recent quarter.
According to the Wall Street Journal, the combined GDP of the European Union's 17 members was 0.3 percent higher than the first three months of this year. While the numbers were still less than the second quarter last year, this quarter saw the fastest quarterly expansion since 2011.
The figures mark an end to the longest European recession on record.
Portugal saw the greatest degree of expansion, 1.1 percent, the first economic expansion since 2010. Austria, Belgium, Estonia, France, Finland and Slovakia also saw economic growth, says the Journal.
Italy, Spain and the Netherlands saw economic declines, but by a smaller amount than last quarter. Cyprus saw the largest decline.
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