EuroZone records 1% growth in economy
Submitted by Antonio Carretero on Tue, 09/07/2010 - 03:44
As per the figures revealed by the officials, the EuroZone economy registered a growth of 1 percent in the second quarter of this year.
The primary data was released during the last month (August).
The figured revealed stronger growth then expected, mainly because of heavy exports that were increased by a weaker euro.
The German economy, which saw a growth of 2.2 percent in last three months, helped to drive the zone’s total growth.
The data also showed that the eurozone is going up faster as compared to the US economy, which saw a growth of 0.4 percent in the period under review.
Eurostat, the zone’s official statistics agency said, “Exports grew by 4.4 percent, exactly the same amount in percentage terms as the increase in imports.”
Further, eurozone also experienced the growth due to the rise in household spending, which was 0.5 percent more as compared to the previous quarter.
The agency also said that rise in the UK in the second quarter of 2010 stood at 12 percent, and in France, it was 0.6 percent, 0.4 percent in Italy and 0.2 percent in Spain.
While talking to media, Stefan Schneider at Deutsche Bank said, “It's an externally led recovery - if you look at export growth it's very, very strong. If you look at private consumption, this is still very modest given the labour market situation in various European countries, which is not very positive for consumption.”









