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Eurozone is Exiting Recession

Date: 16.09.2009

The eurozone is emerging from recession, according to the latest forecast from the European Commission.

"The economy appears to be at a turning point," the commission said.

It forecast growth of 0.2% for the July to September quarter, with Germany and France continuing to grow and Italy exiting recession.

The commission also forecast the UK economy, which is outside the eurozone, would grow by 0.2% during the third quarter, marking the end of recession.

Separately, official figures showed that eurozone industrial production fell by 0.3% in July compared with the previous month.

Other figures showed that the number of people employed in the 16 countries that use the euro fell by 702,000 between April and June compared with the previous three months, a fall of 0.5%.

"The economic situation has improved markedly since the second quarter, pointing to a better growth outlook for the second half of the year," the commission said.

It added that the improved economic outlook was due to "unprecedented" government stimulus that had helped to boost overall economic activity.

These stimulus packages should be kept in place throughout next year to ensure recovery, said European Union Monetary Affairs Commissioner Joaquin Almunia.

But Almunia did warn that "the weak economy will continue to take its toll on jobs and public finances".

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