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Improvement in eurozone as Germany, France skirt recession

The economic clouds over Europe appear to lift slightly in the third quarter as its two biggest economies both narrowly escape a new recessionThe economic clouds over Europe appeared to lift slightly in the third quarter as its two biggest economies both narrowly escaped a new recession, official data showed on Friday. The data from the EU’s Eurostat agency was an improvement, but will do little to dispel fears that problems in Europe, which include low inflation and stalled reforms, could spread to the world economy. In Germany, Europe’s economic powerhouse, gross domestic product (GDP) expanded by 0.1 percent in the period from July to September, after shrinking by 0.1 percent in the preceding three months. Since recession is technically defined as two consecutive quarters of falling GDP, both countries avoided a new recession.

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