The euro-zone economic recovery picked up speed in the final quarter of 2013, suggesting that the euro bloc is slowly finding its footing after a pair of recessions that pushed unemployment to record highs and led to crippling downturns in southern Europe.
Gross domestic product increased 1.1%, at an annualized rate, during the fourth quarter, the European Union's statistics office said, the third straight quarter of growth. GDP was up 0.3% on the quarter on a non-annualized basis.
The expansion was led by Europe's largest economy, Germany, which benefited from a rise in exports. Economic growth extended to struggling parts of the euro bloc including France, Spain and Italy.
Still, the recovery is behind those in other key industrialized economies including the U.S., U.K. and Japan. Growth in the euro zone remains far below the rates that typically occur after recessions, raising doubts whether the region will be able to make a dent in high joblessness and generate enough output to ease debt burdens in southern Europe
Gross domestic product increased 1.1%, at an annualized rate, during the fourth quarter, the European Union's statistics office said, the third straight quarter of growth. GDP was up 0.3% on the quarter on a non-annualized basis.
The expansion was led by Europe's largest economy, Germany, which benefited from a rise in exports. Economic growth extended to struggling parts of the euro bloc including France, Spain and Italy.
Still, the recovery is behind those in other key industrialized economies including the U.S., U.K. and Japan. Growth in the euro zone remains far below the rates that typically occur after recessions, raising doubts whether the region will be able to make a dent in high joblessness and generate enough output to ease debt burdens in southern Europe