The euro zone is expected to kiss goodbye to its longest recession since the single currency was introduced on Wednesday, but it is likely to exit with a whimper rather than a bang.
Economists predict that GDP (gross domestic product) data released on Wednesday morning will demonstrate that the region concluded 18 months of recession in the second quarter of 2013,with the median forecast for a 0.2 percent expansion.
And this is not the only piece of good news for the embattled region. European markets have been relatively healthy in recent months, with major indices including the FTSE 100, the German Dax and France’s Cac up significantly in July. And German economic sentiment, often a good forward indicator for the health of the euro zone’s third-biggest economy, hit a four-month high on Tuesday.
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