Eurozone economy grows by 0.7% in Q1
The European Union's statistics bureau Eurostat raised on Thursday its economic forecast for the euro zone, saying the 13-nation economy grew by 0.7% in the Q1 this year, compared to the previous three months.
Year on year, the economic growth rate in the 13-nation bloc sharing the same currency was 3.1%. A previous estimate from Eurostat had put the quarterly rate and yearly rate at 0.6% and 3.0% respectively. As widely expected, the eurozone economy slowed down in the Q1 due to stagnant household consumption, hit by a value-added tax rise in Germany since the beginning of this year.
In the last quarter of 2006, the eurozone economy grew by 0.9% quarter on quarter and 3.3% year on year. Figures showed the eurozone economy was mainly driven by strong investment in the first three months, which grew by 2.4% quarter on quarter. Exports only rose by 0.8% after 3.3% in the fourth quarter of last year, arousing concerns that a strong euro was affecting exports. But the European Commission said recently in a quarterly eurozone report that the ongoing appreciation of the euro may not have significant effect on exports.
In the Q1, Ireland recorded the highest growth rate, which was 4.7%. Both Germany and France registered a quarterly increase of 0.5%. In the 27-nation EU, the growth rate was 0.7% quarter on quarter and 3.3% year on year. Among the main partners of the EU, the US economy grew by 0.2% in the Q1 of 2007 and Japan by 0.8%. (english.people.com.cn)
ADVERTISEMENT
Duna House Profit Rise 36% y.o.y.
Parl't Approves Amendments to Legislation on Judiciary
Wizz Air Participates in USD 50 mln Investment
Tourism Nights Slightly up in April 2023
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
