Eurozone GDP Logs Strong Growth In Q4

The performance has offset fears over the future of the currency itself

The rate came in line with the preliminary flash estimate published on January 30.

Euro area continued its expansion at the end of 2017, as previously estimated, taking the full-year growth to a decade-high. The annual rate also matched the previous estimate.

The 28-strong European Union expanded by 2.5% in 2017, its strongest performance since 2007, when it grew by 2.7%. No breakdown of data is now available from the statistical office.

Despite a slowdown in Germany, it was the major factor for euro area growth.

The GDP of Germany, the euro zone's biggest economy, grew 0.6 percent on the quarter and 2.9 percent year-on-year in the fourth quarter, with France at 0.6 percent and 2.4 percent respectively and Spain at 0.7 and 3.1 percent respectively.

The European Union economy grew at its fastest pace in a decade previous year, figures from the EU statistics office Eurostat have confirmed. France's GDP increased by 0.6 per cent and 2.4 per cent respectively, and Spain expanded by 0.7 and 3.1 per cent respectively. Growth slowed in Germany and Italy, while the pace of expansion accelerated in the Netherlands and Portugal, according to separate reports.

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Last month, a first official estimate showed the United Kingdom economy had expanded by 0.5 per cent during the last quarter of 2017, taking growth for the year to 1.8 per cent.

Dutch GDP growth doubled to 0.8% from 0.4%.

Eurostat said industrial production in the 19 countries sharing the euro rose 0.4 percent month-on-month for a 5.2 percent year-on-year gain.

Those numbers offer a sharp contrast to the situation in the United Kingdom, where the economy has been slowing over the past year as the impact of inflation, stemming from the steep fall in the value of sterling in the wake of the June 2016 Brexit vote, has eroded households' incomes.

Likewise, the forecast for next year was upgraded to 2% from 1.9%. "The acceleration of production growth is unlikely to be a one-off as the outlook for industry remains rosy".

"Looking ahead, surveys suggest that the region's upturn will gather pace", said Stephen Brown, European economist at Capital Economics.

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