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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Euro zone growth hits 0.5 per cent in first quarter of 2017

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FRANKFURT: Growth in the euro zone remained resilient in the first quarter of 2017 as the economy continued to brush off the unknowns of Brexit and a high stakes election in France, data showed on Wednesday.


The EU’s Eurostat statistics agency said growth in the euro zone landed at 0.5 per cent in the first quarter of 2017, the same as the previous quarter and on par with analyst forecasts.


The fresh data lent credence to a survey last month suggesting the euro zone economy is growing at its fastest pace since it emerged from the worst of the financial crisis six years ago.


The euro zone economy has seen a steady period of growth, expanding by 1.7 per cent in 2016.


That was faster than the United States’ growth rate of 1.6 per cent last year.


The IMF forecasts that the euro zone will maintain that pace in 2017 with annual growth of 1.7 per cent.


Spain was a solid performer in the period from January to March, growing by 0.8 per cent as the country continues to recover from a damaging crisis marked by sky-high unemployment.


But economic growth in France slowed in the first quarter to 0.3 per cent just before the country chooses its next president in election where the economy is taking centrestage. — AFP


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