This week saw the release of a new report which showed that the Eurozone economy in 2017, grew faster than the economy of the USA, and these results show that confidence in Europe is the highest it has been for 10 years.
The International Monetary Fund were quoted saying “Europe’s recovery was so strong it has spilled out into the rest of the world, which is making the Eurozone an engine of global trade and economic growth”.
The data released by Capital Economics, revealed that the Eurozone economy increased by 2.5% in 2017 which is faster than the USA economy.
“A robust labor market recovery, growing export markets, an accommodative monetary stance, improving lending conditions and modest inflation are but a few of the tailwinds that the euro zone economy is experiencing,” ING economist Bert Colijn said.
“Because of that, this could well be its strongest year for growth since 2007. The euro zone will likely outpace the U.S. and UK in terms of GDP growth in 2017,” he said.
The projected figures suggest that the economy of Europe will continue to rise into 2018 as traders who think the Euro is more likely to rise will outweigh those who are expecting it to fall.
January 2018 saw the value of the Euro reach $1.25, which is 21% up from January 2017, which is helping push the economic growth.
As well as the economic growth, the Eurozone’s unemployment is at a 9-year low, there are now 1.6 million less people unemployed throughout Europe compared to last year.
There are many positive reports out at the moment regarding the Eurozone. With the growth in the economy, the drop in unemployment and the increase in the value of the Euro currency, it puts Europe back on the map as a place to invest in, a place to build business and industry and a place to relocate to. The experts are only predicting that these points will strengthen further in 2018.