Euro zone annual growth backs ECB's tapering move

GETTYThe pound is down against the euro

Italy, the third-largest economy in the euro-zone, was expected to report a growth rate of 0.5% q/q, significantly higher than 0.3% reported in Q2. This was higher than the 2.3 percent year-on-year rate for the USA economy, which had been growing faster than the euro zone. The locomotive of the euro-zone released the data earlier and it came out at 0.8%, well above expectations. Euro zone GDP grew 3.0 percent in 2007, and reached 2.1 percent in 2010 and 2015. GERMANY, ITALY, NETHERLANDS Euro coins are seen in front of a USA one dollar banknote displayed in this picture illustration taken in Zenica, March 13, 2015.

Among the bloc's biggest economies, Germany did best, racing ahead at a quarterly clip of 0.8%, up from 0.6% over the prior three-month stretch, while in Italy and Portugal growth accelerated from 0.3% to 0.5%.

During the third quarter of 2017, GDP in the United States increased by 0.7% compared with the previous quarter (after +0.8% in the second quarter of 2017). They have been revising their eurozone GDP projection for 2017 upwards since May this year and now expect a marginally stronger figure (2.3%) for 2017.

The euro zone growth rate also exceeded that of Britain, which will leave the European Union in March 2019.

Next year, eurozone growth will remain solid as well, but should decelerate slightly to 2%.

This story has not been edited by Firstpost staff and is generated by auto-feed.

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