The euro area economy recovered from a technical recession in the second quarter with the reopening of member-country economies after the coronavirus lockdowns, flash estimate from Eurostat showed on Tuesday.
Gross domestic product grew 2 percent sequentially, in contrast to a 0.3 percent drop in the first quarter. The quarter-on-quarter growth rate matched the flash estimate released on July 30.
On a yearly basis, GDP rebounded 13.6 percent after shrinking 1.3 percent in the first quarter. The annual rate was revised down from 13.7 percent. The detailed breakdown for euro-zone GDP has not yet been released.
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