EU Witnesses Highest Growth Rate in 10 Years

Emmanuel Macron and Angela Merkel

The figures, released by the European Union statistics office Eurostat, showed that the eurozone - which encompasses the 19 countries using the single currency - also had a good year, with GDP growth of 2.5%.

The European economy, in the strongest expansion in a decade, registered 2.5 percent gross domestic product growth in 2017, the Eurostat agency said on Wednesday.

The EU and the 19-nation eurozone both grew by 0.6% in the final quarter of previous year.

Q4 growth in Germany was 0.6%, France expanded 0.6% and Spain grew 0.7%.

France also expanded by 0.6% and Spanish growth was a notch stronger at 0.7%.

UK GDP grew by 1.8% overall in 2017, the slowest rate of increase since 2012. The figures were published by Eurostat, filling out estimates published at the end of January 2018 which were based on more limited data.

In any case, Eastern European economies, including Latvia and Slovakia, were developing "especially quick", he included.

Furthermore, he said certainty had been hitting record levels since the emergency years in the eurozone and joblessness was down to pre-emergency levels.

Standard Chartered chief economist Europe Sarah Hewin told the BBC, "Activity is being supported by strong global growth, which is helping European exporters".

Be that as it may, while she anticipated that eurozone financial development would remain solid, "higher vitality costs and a more grounded euro might be headwinds to development this year".

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