Eurozone GDP growth gathers speed

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_72281928_72281924The eurozone’s economy grew by 0.3% in the final three months of 2013, up from 0.1% growth in the previous quarter.

It was the third quarter of growth since the end of an 18-month recession, the longest period of contraction to affect the single currency area.

The eurozone figures include 17 of the EU’s economies. Latvia became the currency zone’s 18th member in January.

Across the whole 28-nation EU, including the UK, growth for the October-to-December period was 0.4%.

The figures from Eurostat, the EU’s statistics office, also showed that during 2013, GDP contracted by 0.4% in the eurozone, but increased by 0.1% in the EU as a whole.

“The eurozone’s recovery has moved up a gear,” said Chris Williamson, chief economist of Markit.

“Not only has the pace of growth picked up to the fastest since the second quarter of 2011, but the recovery is also becoming more broad-based, encompassing core and so-called ‘periphery’ countries alike.”

Earlier, French government figures indicated the country’s economy grew by 0.3% in the last three months of 2013.

 

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