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Eurozone GDP growth gathers speed | |
(about 1 hour later) | |
The 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. | |
The INSEE statistical office also reported that growth was zero in the third quarter of 2013, revised up from an initial estimate of a 0.1% contraction. | |
The figures mean that the world's fifth-largest economy escaped falling back into recession. | |
Over the whole of 2013, the French economy grew by 0.3%. | Over the whole of 2013, the French economy grew by 0.3%. |
'Positive surprise' | 'Positive surprise' |
The German economy also notched up higher growth in the October-to-December period. | |
The country's GDP expanded by 0.4% in the final quarter of 2013, after seeing growth of 0.3% in the previous three months, according to the federal statistics office, Destatis. | |
Destatis said the figures were boosted by exports and capital investment, but there were "mixed signals" from domestic demand, with a drop in household spending. | Destatis said the figures were boosted by exports and capital investment, but there were "mixed signals" from domestic demand, with a drop in household spending. |
According to preliminary figures, Germany's economy grew by 1.3% in 2013, the statistics office said. | According to preliminary figures, Germany's economy grew by 1.3% in 2013, the statistics office said. |
In general, the German figures were better than analysts had been expecting. | In general, the German figures were better than analysts had been expecting. |
"Germany remains the economic stronghold of the eurozone," said economist Carsten Brzeski of ING. | "Germany remains the economic stronghold of the eurozone," said economist Carsten Brzeski of ING. |
"In fact, this morning's data was one of those positive surprises the eurozone has seen too seldom over the last few quarters. Let's hope it won't be the last one." | "In fact, this morning's data was one of those positive surprises the eurozone has seen too seldom over the last few quarters. Let's hope it won't be the last one." |
Italy's official statistics office also issued figures showing that its economy returned to growth after a two-year recession. | Italy's official statistics office also issued figures showing that its economy returned to growth after a two-year recession. |
Istat said GDP grew by 0.1% in the final quarter of 2013, after showing zero growth in the previous three months. | Istat said GDP grew by 0.1% in the final quarter of 2013, after showing zero growth in the previous three months. |
However, during 2013 as a whole, the economy shrank by 1.9%. | However, during 2013 as a whole, the economy shrank by 1.9%. |