Nearly ten years on from the start of the financial crisis and it looks as if the recovery is well and truly here.

According to Bloomberg, the second quarter was the best earnings season for US companies in 13 years, with more than three-quarters of the Standard & Poor’s 500 member companies beating analyst expectations.

Even though the third quarter is generally the weakest quarter of the year for firm’s, the trend reported in the first half has continued with year-over-year profit growth is estimated at nearly 8% for the S&P 500, below the double-digit gains seen in the first two quarters of the year. The Tech sector has accounted for the bulk of this growth with the sector’s earnings up 22.8% from a year ago, rising beyond a projection of 12.2% from the beginning of October according to Reuters.

However, it’s not just the US Tech sector that’s carrying the market. Companies around the world are reporting higher earnings, and this is benefitting US firms. Nearly two-thirds of European companies have beaten expectations so far this year as the European economy gains traction. Year-on-year earnings growth at European firms is estimated at 9.8% in dollar terms on average.

World growth was raised by the International Monetary Fund to 3.6% for this year, while the euro zone is seen expanding 2.1%, reflecting an export revival as well as stronger domestic demand.

Europe’s recovery is really what’s driving global growth. In October the region’s jobless rate fell to 8.8%, the lowest level since January 2009.

At the end of 2016, the EU was the world’s second-largest economy generating $19.2 trillion of economic output. China was in first place with $21.3 trillion in economic output, and the US came third with $18.6 trillion. Combined, China and the EU generate 33.9% of the world’s industrial output.

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