Euro growth ‘to beat forecasts’

Economic growth in the 12-nation eurozone is set to improve on the 1.7% forecast, the European Commission says. Recent data indicate that the euro-area recovery is now proceeding on firm ground. GDP growth came in stronger than expected in the first quarter. After having sent somewhat mixed signals in the first months of the year, survey indicators are again pointing upwards on the back of a revival in business sentiment. Some of the uncertainties that had hitherto weighed on confidence have been lifted and annual GDP growth for 2004 is now likely to exceed the Commission's spring forecast of 1.7%.

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