Europe achieves best economic growth in a decade

Source: Xinhua| 2018-02-15 02:19:57|Editor: yan
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BRUSSELS, Feb. 14 (Xinhua) -- The European economy, in the strongest expansion in a decade, registered 2.5 percent gross domestic product growth in 2017, the Eurostat agency said on Wednesday.

That's the growth rate for both the 19-member eurozone and the 28-member European Union, whose last strongest expansion was in 2007, just before the financial crisis that plunged Europe, if not the whole world, into a recession.

The figures published by Eurostat, the EU's statistical office, were "the end of a very successful year for the euro area economy, with growth far exceeding expectations," according to a research note from Daiwa Capital Markets Europe, which added that "a significant part of that success story was an improvement in global trade and manufacturing momentum, which the euro area benefited from."

Germany, Europe's biggest economy, recorded a full-year growth of 2.2 percent which translated into a calendar-adjusted 2.5 percent, the highest since 2011, according to the country's Federal Statistics Office.

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