Eurozone GDP on the up

Gross domestic product (GDP) rose by one per cent across the eurozone during the second quarter of 2010, according to official figures.

This follows 0.3 per cent growth in the first three months of the year and the strengthening economy is good news for investors looking for property in Spain, Cyrpus and France.

The eurozone is growing faster than the US, which saw its GDP rise 0.4 per cent between April and June.

Year-on-year, the eurozone economy expanded by 1.9 per cent in the second quarter of the year, higher than original estimates of 1.7 per cent.

"Today's data signalled that the euro zone recovery strengthened in the second quarter of 2010," Clemente de Lucia, economist at BNP Paribas, told Reuters, adding that activity will probably lose momentum in the second half of the year.

Following the healthy second quarter performance, the European Central Bank has raised its growth forecast for this year and next to 1.6 per cent and 1.4 per cent respectively.
 

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