Eurozone: Economic growth accelerates in Q4
February 14, 2014
In the fourth quarter, the Eurozone's GDP rose a seasonally-adjusted 0.3% over the previous period according to the flash estimate released by the statistical office (Eurostat) on 14 February. The Q4 reading marked an improvement over the 0.1% expansion recorded in the previous quarter. In addition, it represented the third consecutive increase that followed six consecutive quarters of contraction - the longest recession in the Eurozone's history - and beat market expectations of a 0.2% increase. On an annual basis, the economy expanded 0.5% (Q3: -0.3% year-on-year), which marked the first annual expansion in eight months.
Looking at the four major countries in the region, Germany - which accounts for nearly 30.0% of the Eurozone's output - recorded the strongest expansion (Q3: +0.3% quarter-on-quarter; Q4: +0.4% qoq), followed by France (Q3: +0.0% quarter-on-quarter; Q4: +0.4% qoq), Spain (Q3: +0.1% qoq; Q4: +0.3% qoq) and Italy% (Q3: +0.0% qoq; Q4: +0.1% qoq).
FocusEconomics Consensus Forecast panelists expect the economy to expand 0.4% in 2014, which is unchanged from last month's forecast. For 2015, panelists expect the economy to expand 1.0%.
Author: Armando Ciccarelli, Head of Data Solutions