Eurozone economic growth 'strengthening'

Economic growth across the 19 nations using the euro is "strengthening" and "the cyclical signals remained positive overall during the summer months," Statec, Luxembourg's statistics office, said on Tuesday.

Gross domestic product in the region increased 0.6% in the second quarter compared with the previous three months. That is the 17th consecutive period of growth and compares with a 0.5% increase in the January through March period.  Year-on-year the rise was 2.2%. 

Luxembourg-based Eurostat, the European Union's statistics office, gave those figures in a brief statement on August 16. 

"Household consumption stands out as the main pillar of growth in the second quarter, boosted by an improved labour market (job creation up, unemployment down) and consumer confidence," Statec said in a statement. Overall the signs "point to an improved outlook for eurozone growth this year."

The International Monetary Fund forecast in July 1.9% economic growth for the eurozone. It cited buoyant market sentiment and reduced political risks. The figure compared with a 1.7% estimate from the IMF in April.

(Alistair Holloway, alistair.holloway@wort.lu, +352 49 93 739)