Eurozone economic recovery 'gathering pace'

The Eurozone is seeing its economy gather pace, the Organisation for Economic Co-operation and Development (OECD) has stated.

In its latest Interim Economic Assessment the body has said the Group of Seven leading economic nations will see their total fall in gross domestic product for 2009 amount to a dip of 3.7 per cent, compared with the previous forecast of 4.1 per cent.

It stated that the places where the outlook is improving are the eurozone and Japan, something that may encourage those thinking of buying European property in places such as France or Portugal.

The OECD also said the outlook for the US is unchanged, while Britain's outlook is less positive than it was.

People thinking of buying in Europe may take the projection as confirmation that the economic fortunes that could underpin a rise in property values are starting to emerge.

Recent official European Union data showed that in the second quarter of the year both France and Portugal saw 0.3 per cent growth, taking those countries out of recession.

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