Official data to be released on Wednesday will confirm that the eurozone will soon exit the longest recession that dragged its economy for about 18 months or six quarters. The Telegraph said a 0.2 per cent gross domestic product growth rate is expected to be reported.

Responsible for pulling the regional bloc out of recession is Germany which is estimated to grow by 0.75 per cent, higher than economists' prediction of a 0.6 per cent GDP growth rate.

However, BNP Paribas economist Evelyn Hermann cautioned eurozone members not to be too optimistic with the numbers, stressing there is no chance right now of a speedy recovery.

"But we see reasons to hope for and even expect no more negative quarterly growth in the eurozone, on aggregate, from the second quarter onwards," Ms Hermann was quoted by The Telegraph.

European Central Bank (ECB) President Mario Draghi sees the progress of the bloc as still tentative, prompting the ECB to reduce interest rates to a record-low level, which he said would stay on that level or even lower for an extended period.

But on a per country basis, some eurozone members remain in dire straits. One of them is Greece, which according to the Hellenic Statistical Authority suffered a 4.6 per cent economic contraction in the second quarter, year-on-year. It was the 20th straight quarterly negative growth rate for Greece, causing its economy to shrink by more than 20 per cent since the global financial crisis in 2008.

Spain's economy also shrank by 0.1 per cent amid a 56 per cent youth unemployment rate, while Italy logged a 0.2 per cent GDP expansion.

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