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| French economy avoids recession with 0.3% quarterly growth | French economy avoids recession with 0.3% quarterly growth |
| (35 minutes later) | |
| The French economy grew by 0.3% in the last three months of 2013, government figures indicate. | The French economy grew by 0.3% in the last three months of 2013, government figures indicate. |
| At the same time, the country's INSEE statistical office reported that growth was zero in the third quarter of 2013, revised up from an initial estimate of a 0.1% contraction. | At the same time, the country's INSEE statistical office reported that growth was zero in the third quarter of 2013, revised up from an initial estimate of a 0.1% contraction. |
| The figures mean that the world's fifth-largest economy has escaped falling back into recession. | The figures mean that the world's fifth-largest economy has escaped falling back into recession. |
| Over the whole of 2013, the French economy grew by 0.3%. | Over the whole of 2013, the French economy grew by 0.3%. |
| Meanwhile, the German economy also notched up higher growth in the October-to-December period. | Meanwhile, the German economy also notched up higher growth in the October-to-December period. |
| The country's GDP expanded by 0.4% in the final quarter of 2013, after seeing growth of 0.3% in the previous three months, according to the federal statistics office, Destatis. | The country's GDP expanded by 0.4% in the final quarter of 2013, after seeing growth of 0.3% in the previous three months, according to the federal statistics office, Destatis. |
| 'Positive surprise' | |
| Destatis said the figures were boosted by exports and capital investment, but there were "mixed signals" from domestic demand, with a drop in household spending. | Destatis said the figures were boosted by exports and capital investment, but there were "mixed signals" from domestic demand, with a drop in household spending. |
| According to preliminary figures, Germany's economy grew by 1.3% in 2013, the statistics office said. | According to preliminary figures, Germany's economy grew by 1.3% in 2013, the statistics office said. |
| In general, the German figures were better than analysts had been expecting. | In general, the German figures were better than analysts had been expecting. |
| "Germany remains the economic stronghold of the eurozone," said economist Carsten Brzeski of ING. | "Germany remains the economic stronghold of the eurozone," said economist Carsten Brzeski of ING. |
| "In fact, this morning's data was one of those positive surprises the eurozone has seen too seldom over the last few quarters. Let's hope it won't be the last one." | "In fact, this morning's data was one of those positive surprises the eurozone has seen too seldom over the last few quarters. Let's hope it won't be the last one." |
| Italy's official statistics office also issued figures showing that its economy returned to growth after a two-year recession. | |
| Istat said GDP grew by 0.1% in the final quarter of 2013, after showing zero growth in the previous three months. | |
| However, during 2013 as a whole, the economy shrank by 1.9%. |