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Euro economy fast out of the blocks in 2007
PARIS: Europe produced further evidence of a solid start to 2007 on Monday with news of a spurt in service sector growth and prices that kept the focus on inflation ahead of this week’s meeting of the European Central Bank. “There is still plenty of momentum in the largest sector of the economy,” Madeleine de Villiers of Capital Economics said in a note to clients which highlighted that service companies were confident about the underlying economic outlook. The surveys of corporate purchasing managers (PMI), conducted by NTC Research, showed rebounds in France and Italy and further gains in a resurgent Germany, Europe’s largest economy.
The European Commission forecasts growth of 2.1 percent for 2007 after a surge of 2.6 percent in 2006, though it said last week that it planned to revise its predictions upwards in a mid-February update.
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