Eurozone heading for growth zone after bout of spring blues: bank

27 June 2013 11:16  [Source: ICIS news]

LONDON (ICIS)--Latest indicators suggest that after faltering in the early spring the eurozone got back on to the path of economic recovery that should pull it out of recession later this year, Raiffeisen Bank International (RBI) said on Thursday.

“After the performance lapse in early spring, the leading indicators for the eurozone recovered in the second quarter of 2013,” said Valentin Hofstatter, head of bond market & currency research at Austria-based RBI.

The forecast regarding the economic recovery is supported by sound purchasing manager indexes, he added.

Hofstatter concluded: “Especially positive is the fact that these indexes are pointing up not only in Germany, but also in Spain, Italy and France, which recently was under a lot of pressure. The eurozone is on its way out of recession.”

RBI forecasts showed that although eurozone GDP would have a negative second quarter, the economic recovery should set in across the end of this year.

Having reached the growth zone, the eurozone would in 2014 achieve GDP growth of between 1% and 1.5%, with growing exports initiating private investments that would lead to more employment and consumption, the bank said.

By: Will Conroy
+44 20 8652 3214

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