Eurozone ends 2017 on a high.
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This article is originally referred from Orbex Market Recap.
The preliminary GDP report for the Eurozone released last week showed that the economy advanced on a high note for the year 2017.
Data released from the European statistics agency, Eurostat showed that the gross domestic product rose 2.5% on the year.
This was the strongest pace of annual GDP growth rate posted in nearly a decade.
On a quarterly basis, the economy was seen advancing 0.6% in the three months ending December 2017.
This was slightly slower than the 0.7% growth registered in the third quarter. On a year over year basis, economic growth eased from 2.8%to 2.7% in the previous three months.
The data underlined the fact that the recovery in the Eurozone was firmly entrenched.
Economists are hopeful that the growth momentum will continued. Preliminary surveys already point to a strong start to the GDP this year with firms and businesses staying optimistic.
However, most of the gains in the growth for the Eurozone came on account of higher trade surplus.
This has also caught the attention of the U.S. President Trump who has in the past blamed Germany for keeping the euro currency lower to gain a competitive edge in the global markets.
The 28-member EU GDP growth was also positive as it rose 2.5% in 2017. Germany’s growth was seen advancing 2.2% on the year with French growth also contributing to the strong GDP gains.
This managed to offset a weaker GDP pace of growth from Spain.
Original Source: Orbex Market Recap