GDP of Eurozone reaches 10-year high

World - Mohit Shah - Jan 30,2018

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gdp of eurozone reaches ten year high

The Eurozone economy grew at its wildest rate in a decade in 2017, as per preliminary data revealed on Tuesday.

The 19-nation economy surged by 2.5% last year, as per data acquired by Eurostat. This is considered as the strongest growth after the 3% hike which happened in 2007.

Further, Eurostat also mentioned that the Eurozone showed prominent growth of 0.6% in the concluding three months of 2017.  

 According to economist at Capital Economics, Stephen Brown, “Eurozone GDP growth continued at a healthy pace in the fourth quarter and, while the EC’s economic sentiment indicator declined in January, it continues to point to a pick-up in growth to come“.  

The growth rate in the Eurozone has been pacing and it is now observed to be one of the strongest regions of the global economy. Furthermore, in December the ECB raised its growth estimates specifically for the Eurozone, estimating growth of 2.3% in 2018; this was up from the previous mark of 1.8%, whereas the forecast for 2019 was lifted to 1.9% from 1.7%.

The data highlights after the IMF last week mentioned that the worldwide economy is likely to expand at 3.9% for 2018 and 2019. There was a stern mention about advanced economies bringing in solid growth.