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| Version 0 | Version 1 |
|---|---|
| France and Germany exit recession | France and Germany exit recession |
| (10 minutes later) | |
| The French and German economies both grew by 0.3% between April and June, bringing to an end recessions in two of Europe's largest economies. | The French and German economies both grew by 0.3% between April and June, bringing to an end recessions in two of Europe's largest economies. |
| "The data is very surprising. After four negative quarters France is coming out of the red," said French Finance and Economy Minister Christine Lagarde. | "The data is very surprising. After four negative quarters France is coming out of the red," said French Finance and Economy Minister Christine Lagarde. |
| Few analysts expected the economies to come out of recession this early. | Few analysts expected the economies to come out of recession this early. |
| The eurozone's official gross domestic product (GDP) figures will be released later on Thursday morning. | The eurozone's official gross domestic product (GDP) figures will be released later on Thursday morning. |
| The German economy contracted by a revised 3.8% in the first three months of the year. | The German economy contracted by a revised 3.8% in the first three months of the year. |
| And while exports rose 7% in June, the fastest pace in nearly three years, few analysts had expected a return to overall economic growth so quickly. | And while exports rose 7% in June, the fastest pace in nearly three years, few analysts had expected a return to overall economic growth so quickly. |
| Consumer spending | |
| France's economy had contracted by a revised 1.1% in the first quarter. | |
| Ms Largarde said that consumer spending and strong exports had helped to pull France out of recession. | |
| "What we see is that consumption is holding up," she said. | |
| Official figures showed that household consumption rose by 0.4% in the second quarter. | |
| She said government incentive schemes for trading in old cars for new ones, together with falling prices, were helping consumers. | |
| Foreign trade contributed 0.9% to the GDP figure - a "very strong impact," said Ms Largarde. |