European Economy Grows Stronger than Expected

When today Eurostat announced growth numbers of 2.6% (EU25) for the second quarter, analysts were surprised and are now upgrading their growth perspectives for 2006. Most of the growth is coming from consumption, and not export as it used to be. While growth in the US (3.5%) was still stronger the trend is upwards in Europe. Strongest growth numbers were seen in Spain (3.6%), Lithuania (8.6%), Austria (3.1%) and Sweden (5%). The two biggest economies, UK (2.6%) and Germany (2.4%), looked good too, while France should be relatively much weaker (not all data was available yet).

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