The European Union's statistics office on Wednesday revised its second-quarter economic growth estimate up slightly in the latest sign that the bloc has left a protracted recession behind.
The 27 countries' combined gross domestic product grew 0.4% in the second quarter compared with the previous three-month period, when it shrank 0.1%, Eurostat said.
The agency, which had last month estimated growth of 0.3%, said the revision was due to more complete data from several member states, with household spending underpinning the economic momentum in many countries.
Eurostat left unrevised its 0.3% growth estimate for the 17 countries sharing the euro currency. Compared with a year earlier, seasonally adjusted GDP was down by 0.5 per cent in the euro-zone and remained stable for the EU, revised up from estimated drops of 0.7% and 0.2%
The revision came amid a string of recent positive data — from increased business optimism to higher manufacturing output and retail sales — that point to a steady increase in the bloc's economic activity.
Europe's unemployment rate remains stubbornly high at 12.1%. In some countries hardest-hit by Europe's debt crisis, such as Greece and Spain, more than one in four people don't have a job. Analysts say more dynamic growth will be needed to spur investment and job creation there.
Still, even meagre growth in Europe provides a boon to the global economy. The EU, which now totals 28 nations following Croatia's accession in July, has a population of some 500 million, and its annual gross domestic product stands at around $17.3 trillion — both more than the U.S., which has GDP of $16.6 trillion for 315 million people.
