Gross domestic product (GDP) of the Eurozone exceeded the GDP growth of the USA after seven years gap, the GDP of the European Union were generally higher than the us for the first time since 2011, follows from the statistical agencies.
According to the statistical service of the European Union (Eurostat), in 2016 GDP of the 19 countries that use the single currency, the Euro, grew at an annual rate of 1.7% and the GDP of all 28 EU countries by 1.9%. Formerly subordinated to the U.S. Department of Commerce, Bureau of economic analysis reported that in 2016 the country’s GDP increased in 2009 prices by 1.6%.
Over the previous few years, the growth of the American GDP consistently outpaced the similar indicators of the European Union and the Eurozone. The last time the EU was able to circumvent the US in 2011 (of 1.7% against 1.6%), and Eurozone countries — only in 2008 (0.4 per cent against minus 0.3%).
In the message of Eurostat stressed that in the fourth quarter of 2016 GDP net of seasonal factors has grown in comparison with July—September 2016 to 0.5%, and the GDP of the EU by 0.6%. In annual terms, GDP growth in the Eurozone and the EU in the fourth quarter was 1.8% and 1.9%, respectively.
In mid-January 2017, the international monetary Fund forecasts improved economic growth in developed countries. For assessing its experts, the USA’s GDP in 2017 will grow by 2.3% (0.1 PP more than expected in October 2016), and in 2018 — 2.5% (+0.4 percentage points).
According to the forecast of international rating Agency Moody’s, in 2017, the US GDP will grow by 2.4%, in 2018 — 2.5%.
Simultaneously, the IMF forecasts improved growth in 2017, the economies of several EU countries, including Germany, Spain and the UK. The improvement is mainly due to the favorable macroeconomic statistics in the second half of 2016.