It’s official. The Eurozone recession is over.
And we’re not talking about “official” in the offhanded way that it’s sometimes used to make a point, but in the actual way of this is what the facts say.
For Q2, the Eurozone grew 0.3%, showing growth for the first time in 18 months.
This is something we called was happening in late July, after a string of solid manufacturing reports for Eurozone countries beat expectations.
Loosening bank lending standards and a freer flow of credit is helping as well.
The return of Eurozone growth comes as various countries have reported strong GDP numbers this morning.
For example, France crushed it.
For Q2, the country’s economy grew by 0.5%, far surpassing the 0.2% that was expected, according to MarketWatch.
German GDP also beat slightly, clocking in at 0.7%.
Portugal grew 1.1%.
Things are still not well and there are all the risks that everyone knows about, but growth-wise things are done getting worse.
Here’s the full GDP report from Eurostat.