Eurozone enjoys rapid growth

Caption: ON THE UP: Spain leading the way among Eurozone countries. Photo credit: Wikimedia

ACCORDING to official statistics, the Eurozone is now out of its decade of financial crisis. Not only that, it’s growing at a rapid rate.

With Greece showing its own major signs of recovery from its lowest ebb and Spain’s economy growing again – albeit some aspects of the job market among the youth population still have some way to go – economic recovery in the 19 countries which use the euro, as a bloc, is showing positive signs at last.

Figures from Eurostat show year-on-year growth at 2.1 per cent, with the economy increasing at 0.5 per cent in the first quarter of 2017 and 0.6 per cent in the second quarter.

Unemployment figures in the 19 nations are said to be at their ‘lowest-ever’ since the plunge back in 2009. Added to this, the International Monetary Fund (IMF) has already reported that Italy, Germany, France and Spain are doing better than they had originally believed.

Spain, one of the weakest Eurozone economies during the crisis, grew 0.9% in the second quarter of 2017 as a result of higher consumer spending and increases in exports, making it one of the fastest-growing of the Eurozone countries.

Current figures from the National Institute of Statistics (INE) suggest Spain’s economy is now back to where it was prior to the crisis which began in 2008.

Unemployment has gone from approximately 25 per cent to 17.2 per cent, although at present this is largely because of summer tourism work and jobless figures are likely to rise again in September.

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