March 7, 2018 / 10:11 AM / in 3 months

Strong euro zone economy confirmed at end of 2017

BRUSSELS (Reuters) - The euro zone economy grew by 0.6 percent in the final quarter of last year, European statistics agency Eurostat confirmed on Wednesday, ensuring that the single currency bloc expanded at its fastest rate in more than decade last year.

FILE PHOTO: A construction site at the river Spree is pictured in Berlin, Germany November 27, 2017. REUTERS/Hannibal Hanschke/File Photo

Eurostat confirmed its earlier estimate that the economy of the 19 countries sharing the euro zone grew by 0.6 percent month-on-month and by 2.7 percent year-on-year.

That followed expansion of 0.7 percent and 2.7 percent respectively in the third quarter.

Overall in 2017, euro zone GDP rose 2.3 percent, Eurostat said, the fastest rate of growth since a 3.0 percent rise in 2007. It had previously estimated 2017 growth at 2.5 percent. It said its revision was due to the removal of calendar day adjustments.

The fourth-quarter expansion was on a par with that of the United States quarter-on-quarter and above the U.S. year-on-year growth rate of 2.5 percent.

Reporting by Philip Blenkinsop

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