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Eurozone grows larger than 2008 peak

 

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Eurozone grows larger than 2008 peak

Brussels - The Eurostat statistics agency said growth in the eurozone accelerated in January to March, to 0.6 per cent.

By Agencies

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Published: Sat 30 Apr 2016, 12:00 AM

Last updated: Sat 30 Apr 2016, 11:16 PM

  Overcoming years of poor health and crisis, the eurozone economy grew at its fastest pace in five years in the first quarter. It now stands larger that in did at its peak before the financial crisis, albeit having taken eight years to recover. The bloc also slipped back into deflation in April.
Analysts said the jump in growth meant the benefits of cheap oil and low borrowing rates were finally making their way to consumers across the eurozone.
"Good news from the eurozone: One by one, the pieces are falling into place," said Holger Schmieding, of Berenberg Bank. "Despite the serious market turbulence in January and February, the eurozone economy started rather well into 2016," he said.
The Eurostat statistics agency said growth in the eurozone accelerated in January to March, to 0.6 per cent.
This expansion beat expectations for 0.4 per cent growth and was double the level posted in the two previous quarters, putting the eurozone on course to grow by 1.6 per cent year-on-year. In further positive news, eurozone unemployment in March fell to 10.2 per cent, its lowest level since 2011, Eurostat said.


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