Should we be expecting Eurozone economic recovery after 3 billion GBP allocated?

December 5, 2017

Eurozone economic confidence rises to a 17-year high.

Should we be expecting Eurozone economic recovery after 3 billion GBP allocated?

This article is originally referred from Orbex Market Recap

Economic confidence in the Eurozone continued to maintain its momentum.

Data released last week showed that confidence reached a 17 year high suggesting that the Eurozone economic recovery would close on a high and solid growth for the year.

The Eurozone confidence index was seen rising to 114.6 in November, up from a revised print of 114.1 in October, according to data from the European Commission released on Wednesday.

Confidence in Consumer and Construction Sector

The increase in the confidence came from the consumer sector and the construction sector.

The growth from both these sectors managed to offset the decrease noticed in the retail sector.

The consumer sentiment index was seen rising 0.1 in November compared to -1.1 the month before.

This was consistent with the flash estimates released previously.

3 billion GBP is supporting directly

The latest allocation of 3 billion GBP comes on top of this.

The chancellor said that the government was willing to allocate more if need to be.

The forecasts for the UK’s growth were revised down sharply.

Data showed that the UK economy was expected to grow at a pace of 1.5% this year, down from previous estimates of 2.0%.

Original Source: Orbex Market Recap

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