Crisis-hit Eurozone celebrates 0.3% quarterly growth
15 Feb 2014 5:35 AM IST
The economy of the 17 countries that shared the single currency in the last quarter rose 0.3 per cent in the three months to December against the previous three months, after a 0.1 per cent rise in the third quarter.
A poll of economic and business analysts had earlier forecasted 0.2 per cent quarterly growth. Compared with the same period of last year, eurozone gross domestic product rose 0.5 per cent, above market expectations of a 0.4 per cent rise.
The first estimate does not provide a detailed breakdown into GDP components, which will only be available on March 5. The 9.5-trillion euro economy contracted by 0.4 per cent overall in 2013, Eurostat said.
The European Commission expects it will grow 1.1 per cent in 2014. Eurostat data showed the bloc’s December foreign trade surplus grew to 13.9 billion euros from 9.8 billion euros in the same period last year, driven by a 4 per cent year-on-year rise in exports, as imports rose only 1 per cent.
Analysts expected a 15 billion euro surplus in December, following a revised 17 billion euro surplus in November. The eurozone’s full-year external trade surplus more than doubled to 153.8 billion euros last year from 79.7 billion euros in 2012, with exports rising 1 per cent and imports declining by 3 per cent.
A poll of economic and business analysts had earlier forecasted 0.2 per cent quarterly growth. Compared with the same period of last year, eurozone gross domestic product rose 0.5 per cent, above market expectations of a 0.4 per cent rise.
The first estimate does not provide a detailed breakdown into GDP components, which will only be available on March 5. The 9.5-trillion euro economy contracted by 0.4 per cent overall in 2013, Eurostat said.
The European Commission expects it will grow 1.1 per cent in 2014. Eurostat data showed the bloc’s December foreign trade surplus grew to 13.9 billion euros from 9.8 billion euros in the same period last year, driven by a 4 per cent year-on-year rise in exports, as imports rose only 1 per cent.
Analysts expected a 15 billion euro surplus in December, following a revised 17 billion euro surplus in November. The eurozone’s full-year external trade surplus more than doubled to 153.8 billion euros last year from 79.7 billion euros in 2012, with exports rising 1 per cent and imports declining by 3 per cent.
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