France, Greece help lift eurozone growth

BRUSSELS (AP) — A surprisingly solid performance by France and confirmation that Greece has come out of one of the developed world's deepest recessions in living memory helped the 18-country eurozone grow by more than anticipated in the third quarter of the year, official figures showed Friday.

Eurostat, the EU's statistics, found that the eurozone grew by 0.2 percent in the July to September period from the previous quarter. Though that's still a relatively weak rate, it's higher than the 0.1 percent tick recorded in the second quarter, which most in the markets had expected to be repeated.

Much of the growth was due to France expanding 0.3 percent during the quarter. Many had voiced fears that France, Europe's second-biggest economy, could sink back into recession after contracting modestly in the second quarter. Germany, Europe's biggest economy, continues to stutter, growing by only 0.1 percent.

The report also showed that Greece's six-year recession is over. Previously unpublished quarterly figures show growth resumed in the first quarter of the year with a 0.8 percent uptick. In the third quarter Greece grew by 0.7 percent. Compared with the same quarter the previous year, Greece's economy is now 1.4 percent bigger.

Still, it's going to take years for Greece to recoup the economic ground lost during the recession. Its economy is now, according to most estimates, around a quarter smaller.