Eurozone growth declines; Germany, France buoy outlook

Though it comes as no surpise given debt crises in Europe, preliminary estimates from the European Union’s statistics agency show the eurozone economy to have "officially" declined in the most recent quarter, The New York Times reported.

Gross domestic product among the countries that comprise the eurozone fell 0.2 percent, compared to 0 percent growth in the previous quarter, according to the Times' report. European Union economies also collectively fell by 0.2 percent, the BBC reported. There are 27 members of the European Union, and 17 countries within the eurozone.

However, the numbers were not as bad as many had feared they would be, Time reported, helped along by not-so-dire news out of France and Germany of 0 percent and 0.3 percent growth, respectively, according to the BBC. Markets reacted with some positive signs to the news of the figures, though that reaction must be put in context, Aline Schuiling, senior economist at ABN Amro, told Reuters:

"There was a slight positive surprise from Germany and France, so that has helped lift the market…. But the risks for Q3 remain to the downside, and the overall picture for the euro zone remains bleak."