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Financial News: Eurozone To Achieve Above Potential Growth: Moody's

Eurozone To Achieve Above Potential Growth: Moody's

08/30/2017 - 07:52:00 (RTTNews)

(RTTNews) - Moody's Investors Service said the euro area economy will achieve above-potential growth this year and next, led by solid momentum in Germany.

In its report named "Global Macroeconomic Outlook (August 2017 Update), the agency said the euro area will grow 2.1 percent in 2017 and 1.9 percent in 2018 after 1.7 percent in 2016.

"Robust survey indicators in euro area countries suggest that growth should accelerate through the rest of the year, while the consumer confidence indicator at a 16-year high bodes well for the consumer-driven recovery," Madhavi Bokil, a vice president at Moody's and author of the report, said.

Moody's raised Germany's GDP growth forecasts to 2.2 percent and 2.0 percent for 2017 and 2018 respectively.

Likewise, France's projections were lifted to 1.6 percent for both 2017 and 2018, from 1.3 percent and 1.4 percent as the recovery remains on track, driven by net exports and investment.

Underpinned by monetary and fiscal policies, Moody's expects Italy to grow 1.3 percent this year and next. The outlook for 2017 was revised from 0.8 percent and that for 2018 from 1 percent.

Moody's also expects euro area monetary policy to become less supportive in 2018, provided that the current growth momentum remains intact.

Moody's forecasts US growth of 2.2 percent in 2017 and 2.3 percent in 2018, down from 2.4 percent and 2.5 percent, respectively.

The revisions in 2017 are a result of weaker performance in the first half of the year. The lower growth forecast for 2018 reflects expectations of a more modest fiscal stimulus than previously assumed.

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