The European Union released data this Friday confirming that overall, the economies of the 19 eurozone member states have experienced an increase of 0.6% over the first three months of 2016. An increase such as this is equivalent to an annual rate of 2.2%. This brings the eurozone’s total GDP to about the same as it was in 2008 before the economic crisis began. Although the economies have made progress, they are a long way from being restored completely. For example, the data also showed that the unemployment rate was still over 10%. States such as Cyprus, Greece, Italy, and Ireland continue to struggle with crippling economic conditions, whereas Germany and Netherlands have been able to recovery at a faster rate because of their major export-led markets.
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