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Friday, August 12, 2005
(EU OBSERVER-BRUSSELS) The European economy appears to be regaining some momentum and the indications are that things will continue to improve in the second half of the year, the European Commission announced yesterday (11 August)
Presenting its growth figures for the second quarter of 2005, the Commission said that the euro zone had grown by 0.3%, a much stronger performance than most analysts had expected, although weaker than the 0.5% seen in the first three months of the year.
This comes as good news as the European economy was facing a serious recession due to the rejection of the EU Constitution several months ago. The Comission expects that growth for the economy to be higher in the fourth quarter of the year (0.4%-0.8%) although increasing prices in the Middle East could dampen that assessment.
Although the Euro continues to decline against the dollar, this has actually fared residents of the continent, allowing exporters to better position themselves within the global economy. Time will only tell whether Europe gets back on "her feet," but as for now the out look overseas is stable.
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By Darnell Clayton â¢ 10:33 PM â¢ Email Post â¢ â¢
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