European GDP on Par with Expectations as Market Awaits Euro Summit
THE TAKEAWAY: Eurozone GDP as expected -> Exports rise, construction drops -> Q4 outlook weaker ->Euro remains stable as markets await summit
Data released from Europe today showed gross domestic product in the 17-member Euro bloc remaining on par with expectation and previous figures. GDP growth stood at 0.2% on the quarter, and when compared with last year, GDP has grown by 1.4%.
The numbers were in accord with the median prediction by a team of economists. The growth was lead by a jump in exports, which increased 1.5% on the quarter. Construction output weakened 0.6%.
The Euro continues to remain surprisingly well-bid given the bleak economic climate, and market participants await an upcoming summit of European leaders to address the ongoing credit crisis. The market was relatively unaffected by today’s as-expected GDP data.
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