Fears abound over the Eurozone's economic health. (Reuters)

The sluggish performance of powerhouse economies Germany, France and Italy and ongoing economic standoff with Russia have extinguished the recovery in the Eurozone.

The EU's official statistics show that in the second quarter of 2014, the 18 economies of the Eurozone reported zero growth. For the wider EU area, the figure is 0.2%.

Despite this, Eurostat claims that GDP is "stable in the euro area", pointing to the improved year-on-year performance (up 0.7% in the Eurozone and 1.2% in the EU).

"Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 0.7% in the euro area and by 1.2% in the EU28 in the second quarter of 2014, after +0.9% and +1.4% respectively in the previous quarter.

"During the second quarter of 2014, GDP in the United States increased by 1% compared with the previous quarter (after -0.5% in the first quarter of 2014). Compared with the same quarter of the previous year, GDP grew by 2.4% (after +1.9% in the previous quarter)," Eurostat said.

Analysts, however, are less convinced. The yearlong resurgence in Europe's economic performance looks to be in question, with official figures from Germany this morning showing that its economy contracted by 0.2% in quarter two, while France returned zero growth. Italy also contracted by 0.2%.

The union's leading economies are stagnating, with exporters seeing potential trade routes to Russia cut off and reduced confidence stifling investment.