THE 19-country eurozone economy grew faster than previously estimated over the first half of the year, a further indication that the region managed to withstand the escalating crisis in Greece.

    In rare revisions to its back data, the European Union’s statistics agency Tuesday increased both the first and second quarter growth rates by 0.1 percentage points to 0.5 percent and 0.4 percent respectively. The quarterly expansion in the first three months of this year is now the highest rate since early 2011.

    The revisions from Eurostat provide further evidence that damage caused by the uncertainty over Greece was more than offset by benefits from a weaker euro and cheaper oil. The former tends to boost exports while the latter can increase economic activity if consumers who pay less to fill up their car spend the savings elsewhere.

    “The broadening in growth from earlier in the recovery to include most of the eurozone’s member states is an encouraging sign,” said Bill Adams, senior international economist at PNC Financial Services.

    Though encouraging, the figures still show the eurozone lagging the United States, which grew at a quarterly rate of 0.9 percent in the second quarter.

    Overall, the figures confirm certain trends within the eurozone.

    France, Europe’s second-largest economy, disappointed by flat-lining during the second quarter while Spain’s recovery gained further moment with strong growth of 1 percent. Italy grew by 0.3 percent, a welcome uptick for an economy that’s treaded water for years. And Germany, the eurozone’s powerhouse economy, grew by a solid 0.4 percent.

    There was also higher growth in Finland and even in Greece, which saw its economy grow by a healthy 0.9 percent.

    (SD-Agencies)