Eurozone economy grows in line with forecasts in Q4
For the full year of 2014, GDP in the eurozone expanded 0.9% compared with a 0.5% contraction in 2013.
Among the member states, Estonia and Sweden (+1.1%), Hungary (+0.9%), Germany, Spain and Poland (all +0.7%) recorded the highest growth while GDP in Cyprus (-0.7%), Greece (-0.4%), Austria and Finland (-0.2%) decreased in the last quarter of 2014.
Meanwhile, the European Central Bank (ECB) has increased their economic forecasts for the eurozone economy this year and for 2016 and 2017 ahead of a €1 trillion ($1.1 trillion) stimulus package. According to ECB, the region’s economy will grew 1.5% this year, 1.9% in 2016 and 2.1% in 2017.
On March 5, the ECB kept its key interest unchanged. The bank held its key refinancing rate stable at a record low of 0.05% in line with expectations. The ECB kept its marginal lending rate flat at 0.03% and its deposit facility rate at -0.2%.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Muted demand in Europe paves way for plenty of PP, PE offers in Turkey
- Import PE uptrend persists in China despite bearish winds mounting in local market
- 3-digit hikes in Oct PVC offers reinforce supply-driven bullishness in Asia
- Crude oil caught between demand woes and production disruption
- Tightness drives European PVC market up, prices near pre-pandemic levels
- Major LDPE markets touch multi-year highs on growing tightness
- A prospect for Q4 through uncharted waters of 2020 amid pandemic
- China's import PP markets maintain uptrend under shadow of oil-driven losses in Dalian futures
- Weaker domestic demand prompts Vietnam to export polymers
- European PP market ceases upward trend in September