GERMANY, FRANCE PULL OUT OF RECESSION
Baku, August 13 (AZERTAC). Two of the European largest economies have reported a return to economic growth, surprising many economists and market-watchers and sparking hopes that the recession could be coming to an end.
Both France and Germany saw a rise of 0.3 per cent in GDP for the three months ending in June, which the French Finance and Economy Minister Christine Lagarde said was "very surprising" news.
Germany suffered a calamitous 3.5% contraction in the first quarter of this year to cap four quarters of decline while the French economy shrank by 1.3%.
The growth is largely a result of increasing exports and improved consumer spending, with household expenditure rising by 0.4 per cent in France in the second quarter. German exports rose by 7 per cent in June. This is the most they have risen by in almost three years, bringing to an end the worst period of economic decline seen in Germany since the Second World War.
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