The European statistical office reported the eurozone economy expanded by 0.4% in the third quarter, following five quarters of contraction. Germany was the fastest growing nation, with its GDP expanding by 0.7% following growth of 0.4% in the second quarter. France also expanded for a second consecutive quarter but its growth remained at a modest 0.3% rate. Italy and the Netherlands came out of recession, growing by 0.6% and 0.4%, respectively.

By comparison with the third quarter of 2008 the eurozone economy contracted by 4.1%. Germany’s decline of 4.8% was worse than average. Italy fell by 4.6% and Spain by 4%. The French economy contracted in the year by a comparatively small 2.4%.