Published: Thu, February 15, 2018
Business | By Max Garcia

European Union growth approaches pre-crisis levels

European Union growth approaches pre-crisis levels

Meanwhile, growth of US exports to the region has been the slowest among all of the bloc's major trading partners. The figures were published by Eurostat, filling out estimates published at the end of January 2018 which were based on more limited data.

The 19-nation strong Eurozone grew by 0.6% in the final quarter, mirroring growth in the bloc's biggest economy, Germany. Political factors in the UK (Brexit) and Italy (general election) may also lead to economic turbulence, but growth is expected to come in at 2.2% this year.

Luxembourg's third quarter growth placed it in the top three of the European Union, behind Romania (2.4%) and Malta (1.9%).

The EU economy grew at its fastest rate in 10 years in 2017, registering a 2.5% increase on the year before.

Largely driven by foreign demand, Germany's GDP grew 0.6 percent sequentially in the fourth quarter, but slightly slower than the 0.7 percent expansion seen in the third quarter.

The economies of the European Union grew at their fastest pace for a decade past year, according to revised figures from Eurostat. For intermediate goods, the increase was 1.4% per month and 6.6% on the same period in 2016.

In a separate release, Eurostat said industrial production grew for the third consecutive month in December. This means that investment also increases.

The latest results confirm once again that the Eurozone economy enjoys the fastest growth rate in a decade. Industrial production rose 0.4 percent from November, when it climbed 1.3 percent.

Data were not available on the Czech Republic, Denmark, Greece, Croatia, Estonia, Ireland, Luxembourg, Malta, Slovenia and Sweden.

Likewise, the forecast for next year was upgraded to 2 percent from 1.9 percent.

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