Eurozone out of recession

After a record 18 months of economic contraction, the Eurozone has finally emerged from recession. According to data released, the economies of France and Germany grew faster than expected in the second quarter.

However, countries like Spain and Italy are still struggling.

According to official data, the increased pace was primarily driven by renewed business and consumer spending in France and Germany.

European Economic and Monetary Affairs Commissioner Olli Rehn said the 0.3% Eurozone growth in the second quarter meant a nascent recovery was on a more solid footing.

Germany's economy alone rose 0.7% between April and June. France's rose by 0.5%.

Portugal, among the smallest and the weakest eurozone economies which also benefitted from a bailout, showed the fastest growth, at 1.1%.

Spain, which had to seek outside support for its struggling banking sector, saw its economic output fall by 0.1% on the quarter.

Italy and the Netherlands both saw output drop by 0.2%.

"There are still substantial obstacles to overcome: the growth figures remain low and the tentative signs of growth are still fragile," Olli Rehn said.

"A number of member states still have unacceptably high unemployment rates; the implementation of essential, but difficult reforms across the EU is still in its early stages. So there is still a very long way to go."