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Eurozone posts 0.6pc quarterly GDP gain, back to pre-crisis levels
THE European Union released data showing that the overall economy of the 19 countries in the eurozone advanced 0.6 per cent in the first quarter compared with the previous quarter.
That gain, equivalent to an annual rate of 2.2 per cent, brought the eurozone's gross domestic product for the period to above the previous peak reached in 2008, before the financial crisis, reported the New York Times.
"The long-awaited recovery may finally be consolidating," said Iain Begg, a research fellow at the European Institute of the London School of Economics.
But the eurozone jobless rate, while down, remained above 10 per cent, twice that of the United States.
"It's almost a lost decade," said Joseph Stiglitz, the Nobel laureate economist and a professor at Columbia University. "It's a remarkable testimony to the economic failure of the euro and the eurozone."
Major exporters like Germany and the Netherlands have more fully recovered, but Cyprus, Greece, Ireland and Italy still grapple with deep job losses and wage cuts.
In Italy, take-home shrank four per cent from 2008 to 2014, according to European Union data and Greek households lost 24 per cent of their disposable income. Cyprus declined 22 per cent while German households gained more than 15 per cent.
That gain, equivalent to an annual rate of 2.2 per cent, brought the eurozone's gross domestic product for the period to above the previous peak reached in 2008, before the financial crisis, reported the New York Times.
"The long-awaited recovery may finally be consolidating," said Iain Begg, a research fellow at the European Institute of the London School of Economics.
But the eurozone jobless rate, while down, remained above 10 per cent, twice that of the United States.
"It's almost a lost decade," said Joseph Stiglitz, the Nobel laureate economist and a professor at Columbia University. "It's a remarkable testimony to the economic failure of the euro and the eurozone."
Major exporters like Germany and the Netherlands have more fully recovered, but Cyprus, Greece, Ireland and Italy still grapple with deep job losses and wage cuts.
In Italy, take-home shrank four per cent from 2008 to 2014, according to European Union data and Greek households lost 24 per cent of their disposable income. Cyprus declined 22 per cent while German households gained more than 15 per cent.
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