Europe, or rather the 16 countries that use the Euro, have officially pulled out of recession (their economies expanded by 0.4% in Q3 of this year).
Germany and France expanded by 0.7% and 0.3%, whilst Spain shrank further.
However, Britain is still stuck in recession (even Italy has pulled out of recession) if the recent figures from the Office of National Statistics are to be believed.
Europe should hold back on celebrations though. The recovery is fragile, and consumer spending actually fell by 0.7% during Q3.