Eurozone economy best in years

The economy of the eurozone is said to be in the best shape it has been in for four years.

Outside the power houses of Germany and France, growth in both output and job creation was seen to be the best in eight years.

The analysis comes from the Markit survey, the closely watched measure of the euro region economy.

In an unexpectedly strong result in June, companies across the region reported sturdy growth and hiring, including in the periphery nations.

Analysts had predicted growth would taper off during the month, and are now hoping that the economy may be gathering pace.

Chris Williamson, chief economist at Markit, said: “Despite the cloud of the Greek debt crisis hanging over the region, the eurozone saw economic growth accelerate to a four-year high.”

He added: “While the German economy is still doing okay … what really stands out is the continuing impressive recovery of the French economy."

He pointed out that a continued upswing depends largely on the outcome of the Greek debt negotiations.

“The uncertainty generated by the recent escalation of the crisis appears to have taken some of the steam out of hiring growth, but employment over the second quarter as a whole has nevertheless shown the largest rise for four years."

You must be a registered user to make comments.
Please register here to post your comments.