Eurozone grew ahead of US in 2017, according to official EU data

Seasonally adjusted GDP jumped by 0.6% in both the euro area (EA19) and in the EU28 in the final three months of 2017, according to a preliminary flash estimate published by Eurostat, the EU’s statistical office. That surge in fourth quarter growth contributed to a headline average growth rate in both zones of 2.5% for the whole of 2017, Eurostat said.


Commenting on today’s flash estimate, Barret Kupelian, senior economist at PwC, said:


“The good news keeps on coming from the Eurozone, which grew at a quarterly rate of 0.6% in the last quarter of 2017. Even though this is slightly slower than the previous quarter, the fuller picture for 2017 is overwhelmingly positive, with growth in the Eurozone ahead of the UK, US and Japan.


“Taking a more historical look at the growth track record of large advanced economies, the Eurozone can now boast holding the title of the fastest growing large advanced economy four times since the financial crisis compared to three times for the US and the UK and once for Japan.

“Although the Eurozone data are based on a flash estimates and doesn’t reveal the complete national or sector growth picture, early data from some Eurozone countries like France and Spain show growth continues to be broad-based across the core and the periphery.

“The European Commission’s Eurozone consumer confidence released today, also shows growing household confidence on the back of strong job creation. The indicator hit its highest level since mid-2000, suggesting strong Eurozone household spending is a significant driver of growth.”


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