Eurozone growth 'surprising'

Eurozone growth 'surprising'

Friday, May 16, 2008

New figures reveal that Eurozone growth in the first quarter of 2008 was better than expected….

Gross domestic product (GDP) rose by 0.7% from the previous quarter in the 15 nations using the euro, compared with the 0.5% growth analysts expected.

Eurozone GDP was up by 2.2% compared with the same quarter in 2007. Separately, Eurostat confirmed that eurozone inflation in April slowed to 3.3% year-on-year from March's record figure of 3.6%.

Based on the figures, Fortis economist, Nick Kounis made some less than positive predictions for the future: “The strong GDP growth in Europe is a last hurrah for the eurozone economy. The strength of the euro and a fall-off in global growth will dent exports and take their toll on the economy.

“Furthermore, consumer spending will moderate as rising inflation will offset wage growth and strong employment”.

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