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Eurozone economy grows in line with forecasts in Q4

by ChemOrbis Editorial Team - content@chemorbis.com
  • 06/03/2015 (15:24)
According to a data from the statistical office of the European Union (Eurostat), the eurozone economy grew 0.3% in the final quarter of 2014, with the final reading remaining unchanged from initial data published in February. On a yearly basis, the region’s gross domestic product (GDP) increased 0.9% in the last three months ending December. In the October-December period, exports rose 0.8% while imports grew 0.4%.

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%.
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