European Union growth approaches pre-crisis levels


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.

Figures were not available for Luxembourg's GDP during the last quarter of 2017. The preliminary growth estimates for the final quarter of 2017 showed the bloc of Euro nations growing at a combined 2.7% over the course of the year, having expanded 0.6% in the final quarter alone.

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These most recent figures affirm the blaze gauges distributed by Eurostat toward the finish of January, which depended on more constrained information. Germany's GDP grew 0.6% in the year's final three months, France's by 0.6%, Spain's by 0.7% and the UK's by 0.5%.

A stronger global economy has helped the Eurozone to an impressive performance during 2017, but "economists have been particularly cheered by the broad-based nature of growth, which has seen expansions in peripheral countries as well as the core large economies", reports City AM. He ascribed the quality of the eurozone to the European Central Bank's (ECB) boost strategies, which have cut down the cost of acquiring as of late. Confidence and employment levels are also recovering to pre-financial crisis levels.

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Sarah Hewin, boss financial analyst Europe at Standard Chartered, stated: "Movement is being upheld by solid worldwide development, which is helping European exporters".

However, while she expected eurozone economic growth to stay strong, "higher energy prices and a stronger euro may be headwinds to growth this year".

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