Brussels says things are looking up for euro zone economy
The European economy appears to be regaining some momentum and the indications are that things will continue to improve in the second half of the year, the European Commission announced yesterday (11 August) Presenting its growth figures for the second quarter of 2005, the Commission said that the euro zone had grown by 0.3%, a much stronger performance than most analysts had expected, although weaker than the 0.5% seen in the first three months of the year. The figures were helped by some surprisingly strong economic growth from Italy, which has rebounded from recession but were dragged down by stagnation in Germany, Europe’s largest economy. The Commission also said that growth should be higher in the fourth quarter of the year (September to December), forecasting 0.4%-0.8%. The economy should be spurred on by better economic conditions globally and the fact that the recent decline in the value of the euro against the dollar has made life easier for European exporters, Brussels said.
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