Eurozone Economy Beat UK Economic Growth for the first time

After seven years, the economic growth of the Eurozone increased faster compared with the British economy last year based on the report of the Eurostat data. On Wednesday, the statistical office published its initial estimate for the last three months of 2017, showing a 2.7% improvement for the euro bloc over the past year and further rose to 0.6% in the fourth quarter.

Capital Economics’ Stephen Brown stated that the industry helped the Euro region to reach the 0.6% increase, indicating a positive economic outlook. The January data from the Office for National Statistics of Britain indicates that the UK economy expanded by 1.5% in the previous year while Brexit uncertainties weakened the investment and consumption which stalled economic growth.

Contrarily, the European nation was booming after recovering from the massive public debt in the past years that beleaguered the EU since 2011. It is not surprising that the data released yesterday coincided with the forecasts, but give hints about the UK’s divergent economic fortunes as well as its neighboring countries. The general expansion of the European economy showed an opposing scenario with the United Kingdom that continued to be mainly dependent on the dominant services sector.