Eurozone out of recession for the first time since 2011, most rapid growth – in Latvia


In August 2013 Eurozone came out of its longest recession since the single currency was launched in 1999. Latvia’s economy achieved the most rapid growth among EU states in second quarter of 2013. In a quarterly perspective, Latvia’s economic growth was the 7th most rapid among the bloc member states.

Latvia’s gross domestic product (GDP) had increased 4.3% in second quarter, compared to second quarter of 2012, Eurostat reports.

The second most rapid economic increase was noted in Lithuania – 4.1%, followed by Britain and Estonia with 1.4% each.

The steepest economic fall, on the other hand, was noted in Cyprus – 5.2%, Greece – 4.6%, Portugal and Italy – 2%.

According to initial estimates, EU’s economy reduced 0.2% in Q2 of 2013. Eurozone’s economy reduced 0.7%.

In comparison with first quarter of 2013 EU’s GDP increased 0.3%. That of Eurozone increased as well – 0.3%.

GDP of France also showed an increase during this period of time – 0.5%.

In a quarterly comparison the most rapid economic growth was noted in Portugal – 1.1%, followed by Czech Republic, Germany and Finland with 0.7% each, as well as Britain and Lithuania with 0.6%.

The largest drop in GDP was noted in Cyprus – 1.4%, Italy and Holland – 0.2%.

European statistical data also includes Croatia, which became a member of EU on July 1, 2013.

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