Economy

Euro Zone Economy Continues to Expand

Euro Zone Economy Continues to Expand”

Eurozone economic growth slowed slightly in the third quarter this year, data from Eurostat showed on Tuesday.

The single currency peaked at more than a 2-1/2 year high near $1.21 in early September. The US quarterly numbers were slightly better than the euro zones at 0.7%, however. "The euro zone will likely outpace both the United States and UK in terms of GDP growth in 2017", he said.

Euro zone GDP grew 3.0% in 2007, and reached 2.1% in 2010 and 2015.

Morgan Stanley strategists said that global equity investors had returned to buy European equities without a currency hedge in November, in a sign that investors were becoming optimistic about the euro's outlook.

The strong euro zone growth was powered by the biggest economy Germany, which shifted into an even higher gear in the third quarter, propelled by buoyant exports and rising company investments in equipment.

For the annual growth, the seasonally adjusted GDP rose by 2.5 percent in both the euro area and the European Union in the third quarter, compared with 2.3 percent and 2.4 percent respectively in the previous quarter.

The euro-zone had already published an initial estimate of its growth rate for Q3, but this did not include the largest economy, Germany.

GDP growth picked-up from a 0.6% pace quarter-on-quarter for the three months to June to 0.8%, according to the Ministry of Finance.

Economists had anticipated just a 0.6% rate of increase.

The decrease of 0.6% in industrial production in the euro area in September 2017, compared with August 2017, is due to production of capital goods falling by 1.6%, both energy and durable consumer goods by 0.9% and intermediate goods by 0.6%, while production of non-durable consumer goods rose by 0.1%.

The figures support the European Central Bank's move to begin reducing its bond-buying programme. This may provide some comfort after Italy was left out of the World Cup for the first time in 60 years.



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