Eurozone, the grouping of 16 mainland European economies, has steered itself out of the recession, with Germany and France, the region?s two largest economies, posting growth for the second consecutive quarter.
Earlier, the world?s largest economy US, and Japan, Asia?s largest economy, have come out of recession, which had seen the world financial markets going topsy-turvy.
According to flash estimates released by Eurostat, the statistical agency for the European Communities, the Eurozone economy saw an economic growth of 0.4 per cent for the third quarter.
German economy saw 0.7 per cent growth in the third quarter, up from 0.4 per cent recorded in the second quarter.
France also saw the GDP growing by 0.3 per cent for July-September period. It is for the second quarter in a row that the French economy is growing. It had expanded by an equal rate in the previous quarter as well.
With this, the entire EU has come out of worst financial crisis since the great depression of 1930 by clocking 0.2 per cent growth in the third quarter. However, Britain is still grappling with the contraction in its economy with its third quarter GDP contracting by 0.4 per cent.
European Union includes non-eurozone economies such as Britain and Sweden The Eurozone economy witnessed contraction in the past five quarters. The region saw a negative growth of 0.2 per cent and 2.5 per cent in the second and first quarter of this year, respectively.