Experts note a progressive advance in the European economy; however, the economic growth is less rapid than broadly expected. Preliminary data from the European statistical agency Eurostat showed that in the fourth quarter of 2015 the eurozone’s GDP gained 0.3% compared with the prior three months. On a yearly basis, the single currency bloc’s economy strengthened by 1.5% versus 1.6% in the third quarter. Over the entire 2015 year, the euro area recorded an advance of 1.5%. The pace of growth was seen slower at the end of last year. Separately, Eurostat posted a report showing that the region’s industrial production narrowed by 1% in December.
Among the four leading eurozone economies, the top place was occupied by Spain with a quarterly gain of 0.8%. Germany, France, and Italy are practically in stagnation, posting advances of 0.3%, 0.2%, and 0.1% respectively. Greece remains a weak link in the eurozone chain – its economy lost 0.6%. The nation registered technical recession again as its economy shrank over two consecutive quarters.
It is worth mentioning that after several years of recession the Spanish economy is recovering at a steady pace due to its strong exports and a reduction in energy spending amid low oil prices. However, since January the country has been registering deflation.
