Global News

European Union growth approaches pre-crisis levels

European Union growth approaches pre-crisis levels

The euro area enjoyed a robust pace of economic expansion, which accelerated more than expected in the second half of 2017 in line with the global economy that is continuing to expand at a solid rate too, with increasing signs of synchronization, the latest ECB's economic bulletin said.

The European economy, in the strongest expansion in a decade, registered 2.5 percent gross domestic product growth in 2017, the Eurostat agency said on Wednesday.

During the fourth quarter of 2017, Latvia's gross domestic product (GDP) grew at a faster rate than the European Union economy on average, writes LETA, according to a fourth-quarter flash estimate on the bloc's 18 member states released today by Eurostat.

Q4 growth in Germany was 0.6%, France expanded 0.6% and Spain grew 0.7%.

The figures confirm the flash estimates published by Eurostat at the end of January, which were based on more limited data. There was also good news for Cyprus whose GDP increased by 1.1% and for Poland whose economy grew by 1% in the final quarter of 2017.

The 'Call Of Duty' Movie May Land The Director Of 'Sicario 2'
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The EU and the 19-nation eurozone both grew by 0.6% in the final quarter of a year ago.

Speaking to the BBC, Investec economist Ryan Djajasaputra attributed the strength of the Eurozone to the European Central Bank's stimulus policies, which have brought down the cost of borrowing in recent years. Confidence and employment levels are also recovering to pre-financial crisis levels.

However, Sarah Hewin, chief economist Europe at Standard Chartered, warned that "higher energy prices and a stronger euro may be headwinds to growth this year".

Standard Chartered is determining eurozone development of 2.2% out of 2018 and 2% out of 2019.


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