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Eurozone growth at 0.4% in Q4 of 2007

Economic growth in the eurozone was 0.4% in Q4 of 2007 against the previous quarter, according to new figures released by the European Union (EU)'s statistics bureau Eurostat.

It slowed down from the previous quarter, when the eurozone economy grew by 0.7%, a clear sign that financial turmoil, rising oil prices and the US

economic woes were taking their toll on the economy of the now 15-nation bloc sharing the same currency.

In the quarter, household final consumption expenditure decreased by 0.1% quarter on quarter in the eurozone, after an increase of 0.5% in the previous three months. Investment increased by 0.8% after a rise of 1.1% in the previous quarter. Growth of exports also decelerated from 2.0% to 0.6%.

For the whole year of 2007, the eurozone economy grew by 2.6%, compared to 2.8% in 2006.

In the 27-nation EU, economic growth in the fourth quarter of 2007 was 0.5% compared with the previous quarter and 2.5% year on year, after 0.8% and 2.9% in the previous quarter.

Over the whole year of 2007, the EU economy grew by 2.9%, down from 3.1% in 2006. (Xinhua)