In 2017, the economy of the Eurozone improved at the fastest rate in ten years, with growth in the final quarter of the year proving the strong momentum of the recovery.
According to a preliminary flash estimate that was published today by Eurostat, the statistics body of the European Commission, the GDP of the Eurozone rose by 0.6 percent during the last three months of 2017, pushing the annual growth for the bloc to 2.5 percent.
While growth slightly slowed from the 0.7 percent that was observed during the third quarter, it nevertheless proceeded with a run of five quarters with growth at or above 0.6 percent.
The last time that the Eurozone experienced stronger growth in terms of GDP came before the financial crisis took place, in 2007, urging an increase of confidence in the region, stimulated by an uptick in global growth.
The update that was released today confirms that the economy of the Eurozone expanded at a faster rate compared to the United States, Japan, or the United Kingdom, which saw growth of only 1.8 percent.
The senior economist at accountants PwC, Barret Kupelian, stated: “Although the Eurozone data are based on flash estimates and don’t reveal the complete national or sector growth picture, early data from some Eurozone countries like France and Spain show growth continues to be broad-based across the core and the periphery.”
The measure of the European Commission on economic sentiment, that was also published today, dropped slightly during January. However, it remained near the 17-year high that it hit at the end of the past year. Germany, the Netherlands, and Spain saw the strongest improvements in terms of confidence, even though individuals in Italy and France became less optimistic.
Meanwhile, business confidence also came off its highest point since 1985 during January. However, it remained at one of its highest levels on record.