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End of the Darks Days in Eurozone

  • Pedro Jareno, co-founder of the Minube company in Madrid, Spain. In the offices of Minube, an internet travel agency startup in the outskirts of Madrid, something unusual is happening; they're hiring.
    1/10

    What the Europe Economy Looks Like From Madrid

    Pedro Jareno, co-founder of the Minube company in Madrid, Spain. In the offices of Minube, an internet travel agency startup in the outskirts of Madrid, something unusual is happening; they're hiring.
    AP Photo
  • Chris Pearrow, in charge of Business Development for the US and UK, works in the Minube company office. The company, which uses social media to help travelers share their experiences and sells bookings, has nearly doubled its headcount from 17 at the end of last year to 30 as business increased. Remarkably, customers are increasingly coming from European countries hit hard by the economic crisis.
    2/10

    Europe Economy

    Chris Pearrow, in charge of Business Development for the US and UK, works in the Minube company office. The company, which uses social media to help travelers share their experiences and sells bookings, has nearly doubled its headcount from 17 at the end of last year to 30 as business increased. Remarkably, customers are increasingly coming from European countries hit hard by the economic crisis.
    AP Photo
  • People sit in a market bar in Madrid, Spain.<br><br> That brighter — or less gloomy — backdrop was evident in figures Wednesday, which showed that the longest-ever recession to afflict the eurozone came to an end in the second quarter of the year.
    3/10

    Europe Economy

    People sit in a market bar in Madrid, Spain.

    That brighter — or less gloomy — backdrop was evident in figures Wednesday, which showed that the longest-ever recession to afflict the eurozone came to an end in the second quarter of the year.
    AP Photo
  • A woman holds a 20 euros bank note to pay for her lunch at a market bar in Madrid, Spain.<br><br> That's the first quarterly growth since the eurozone slipped into recession in the last three months of 2011. The ensuing recession of six quarters was the longest since the euro currency was launched in 1999.
    4/10

    Europe Economy

    A woman holds a 20 euros bank note to pay for her lunch at a market bar in Madrid, Spain.

    That's the first quarterly growth since the eurozone slipped into recession in the last three months of 2011. The ensuing recession of six quarters was the longest since the euro currency was launched in 1999.
    AP Photo
  • A man pays for his lunch at a market bar in Madrid, Spain.<br><br> The improvement made up for the previous quarter's equivalent decline and was moderately better than the 0.2 percent anticipated in the markets. Growth, however anemic, had been predicted by many economists following an easing in market concerns over Europe's debt crisis over the past year and record low interest rates from the European Central Bank.
    5/10

    Europe Economy

    A man pays for his lunch at a market bar in Madrid, Spain.

    The improvement made up for the previous quarter's equivalent decline and was moderately better than the 0.2 percent anticipated in the markets. Growth, however anemic, had been predicted by many economists following an easing in market concerns over Europe's debt crisis over the past year and record low interest rates from the European Central Bank.
    AP Photo
  • A seller pours white wine into a glass while a woman buys oysters at a market in Madrid.<br><br> The eurozone's growth, which translates to an annualized rate of around 1.3 percent, is still well below the 1.8 percent the U.S. enjoyed during the second quarter.
    6/10

    Europe Economy

    A seller pours white wine into a glass while a woman buys oysters at a market in Madrid.

    The eurozone's growth, which translates to an annualized rate of around 1.3 percent, is still well below the 1.8 percent the U.S. enjoyed during the second quarter.
    AP Photo
  • A man uses a cash register at a market in Madrid, Spain.<br><br> The figures will be greeted with a sigh of relief by Europe's policymakers, who have spent nearly four years grappling with a debt crisis that has threatened the very future of the euro. But they were not ready to declare victory, aware that this is only the start of what is expected to be a slow and uneven recovery.
    7/10

    Europe Economy

    A man uses a cash register at a market in Madrid, Spain.

    The figures will be greeted with a sigh of relief by Europe's policymakers, who have spent nearly four years grappling with a debt crisis that has threatened the very future of the euro. But they were not ready to declare victory, aware that this is only the start of what is expected to be a slow and uneven recovery.
    AP Photo
  • A man drinks wine, seen reflected in a mirror in a bar in Madrid, Spain.<br><br> Aside from Europe's top two economies, there were signs of stabilization elsewhere, notably in Portugal, which expanded by a surprising 1.1 percent. Spain and Italy saw the pace of their economic contractions slow.
    8/10

    Europe Economy

    A man drinks wine, seen reflected in a mirror in a bar in Madrid, Spain.

    Aside from Europe's top two economies, there were signs of stabilization elsewhere, notably in Portugal, which expanded by a surprising 1.1 percent. Spain and Italy saw the pace of their economic contractions slow.
    AP Photo
  • A man pays for drinks at a market bar in Madrid, Spain.<br><br> For many people in Europe, even a mild improvement is cause to celebrate — and a suggestion that the darkest days are in the past.
    9/10

    Europe Economy

    A man pays for drinks at a market bar in Madrid, Spain.

    For many people in Europe, even a mild improvement is cause to celebrate — and a suggestion that the darkest days are in the past.
    AP Photo
  • People sit in a market bar in Madrid, Spain.
    10/10

    Europe Economy

    People sit in a market bar in Madrid, Spain.
    AP Photo
Pedro Jareno, co-founder of the Minube company in Madrid, Spain. In the offices of Minube, an internet travel agency startup in the outskirts of Madrid, something unusual is happening; they're hiring.
Chris Pearrow, in charge of Business Development for the US and UK, works in the Minube company office. The company, which uses social media to help travelers share their experiences and sells bookings, has nearly doubled its headcount from 17 at the end of last year to 30 as business increased. Remarkably, customers are increasingly coming from European countries hit hard by the economic crisis.
People sit in a market bar in Madrid, Spain.<br><br> That brighter — or less gloomy — backdrop was evident in figures Wednesday, which showed that the longest-ever recession to afflict the eurozone came to an end in the second quarter of the year.
A woman holds a 20 euros bank note to pay for her lunch at a market bar in Madrid, Spain.<br><br> That's the first quarterly growth since the eurozone slipped into recession in the last three months of 2011. The ensuing recession of six quarters was the longest since the euro currency was launched in 1999.
A man pays for his lunch at a market bar in Madrid, Spain.<br><br> The improvement made up for the previous quarter's equivalent decline and was moderately better than the 0.2 percent anticipated in the markets. Growth, however anemic, had been predicted by many economists following an easing in market concerns over Europe's debt crisis over the past year and record low interest rates from the European Central Bank.
A seller pours white wine into a glass while a woman buys oysters at a market in Madrid.<br><br> The eurozone's growth, which translates to an annualized rate of around 1.3 percent, is still well below the 1.8 percent the U.S. enjoyed during the second quarter.
A man uses a cash register at a market in Madrid, Spain.<br><br> The figures will be greeted with a sigh of relief by Europe's policymakers, who have spent nearly four years grappling with a debt crisis that has threatened the very future of the euro. But they were not ready to declare victory, aware that this is only the start of what is expected to be a slow and uneven recovery.
A man drinks wine, seen reflected in a mirror in a bar in Madrid, Spain.<br><br> Aside from Europe's top two economies, there were signs of stabilization elsewhere, notably in Portugal, which expanded by a surprising 1.1 percent. Spain and Italy saw the pace of their economic contractions slow.
A man pays for drinks at a market bar in Madrid, Spain.<br><br> For many people in Europe, even a mild improvement is cause to celebrate — and a suggestion that the darkest days are in the past.
People sit in a market bar in Madrid, Spain.
Updated


After six quarters of a debilitating recession that has seen unemployment surge to record highs and public services being cut, the eurozone seems on the cusp of recovery.

Eurostat, the European Union's statistics office, said the 17 EU countries that use the euro saw their collective economic output increase by 0.3 percent in the April to June period from the previous quarter.

That's the first quarterly growth since the eurozone slipped into recession in the last three months of 2011. The ensuing recession of six quarters was the longest since the euro currency was launched in 1999.

Reporting by the Associated Press.