Eurozone climbs out of recession

<p>Recession in the eurozone is over.</p>

The eurozone has come out of recession today (August 14th), official data has revealed.

Figures revealed that the eurozone's GDP grew by 0.3 per cent in the second quarter of 2013, which was slightly ahead of the expectations of analysts.

Commenting on the news the eurozone is no longer in recession, European Commission vice-president Olli Rehn stated that there are still a number of challenges to be faced.

"There are still substantial obstacles to overcome: the growth figures remain low and the tentative signs of growth are still fragile," he said, noting unemployment is still "unacceptably high" in a number of the eurozone's member states.

Mr Rehn stressed that difficult reform across the EU is still in its early stages and as a result, there is still a long way to go for the eurozone.

Azad Zangana, European economist at Schroders, previously predicted that the eurozone's recession would not come to an end until the third quarter of the year.

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