Is the European Union economy bouncing back from crisis at last?

MOVIE BUSINESS Spain has long being popular with film makers with many classic Westerns having being shot in the Tabernas desert

During the fourth quarter of 2017, Latvia's gross domestic product (GDP) grew at a faster rate than the European Union economy on average, writes LETA, according to a fourth-quarter flash estimate on the bloc's 18 member states released today by Eurostat.

The data from Eurostat showed that Europe's largest economies performed well in the final quarter of 2017.

Germany and France emerged again as the EU's main engines with respective national economic growth at levels unseen since 2007 when it reached 3.0% and policymakers might quickly interpret such development as the very end of the 2008 financial crisis in the EU.

The broad based expansion of the Euro-zone economy is once again in contrast with the United Kingdom, which remains heavily reliant on the dominant services sector for the majority of its growth.

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Germany, Europe's biggest economy, recorded a full-year growth of 2.2 percent which translated into a calendar-adjusted 2.5 percent, the highest since 2011, according to the country's Federal Statistics Office. However, Eastern European countries such as Latvia and Slovakia were also growing 'particularly fast'. He ascribed the quality of the eurozone to the European Central Bank's (ECB) boost strategies, which have cut down the cost of acquiring as of late.

"In terms of domestic factors, rising wages, low inflation and record-level employment are driving consumer spending; meanwhile, investment is rising, helped by strong corporate profitability and buoyant confidence".

Standard Chartered chief economist Europe Sarah Hewin told the BBC, "Activity is being supported by strong global growth, which is helping European exporters".

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