Europe exits recession; EU economy grows 0.3% in Q3

Europe has emerged out of recession, with GDP in the 27-nation European Union expanding by 0.3 per cent in the third quarter.

With positive growth in the September quarter, Europe has joined the likes of the US and Japan, among others in exiting recession.

Further, the 16-nation Eurozone -- which shares the common currency euro -- recorded a GDP growth of 0.4 per cent in the three months ended September.

One of the worst hit by the global financial meltdown, Europe has been grappling with deteriorating economic situation for the past many quarters.

"GDP increased by 0.4 per cent in the Eurozone and by 0.3 per cent in the European Union during the third quarter of 2009," Eurostat, the statistical agency of the European Communities said in a statement today.

In the June quarter, economies had shrunk 0.2 per cent and 0.3 per cent in the Eurozone and European Union, respectively.

Among the member nations, German economy grew for the second quarter in a row, expanding 0.7 per cent in the September quarter. France and Italy clocked a third-quarter growth of 0.3 per cent and 0.6 per cent, respectively.

In the September quarter, American economy climbed 0.7 per cent while the Japanese GDP rose 1.2 per cent.

To tide over the raging financial turmoil, many countries had come up with massive stimulus packages to bolster their sagging economies.