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Eurozone economy grows by 0.3% in 4th quarter, 0.9% in 2014

Eurozone economy grows by 0.3% in 4th quarter, 0.9% in 2014

BRUSSELS: The official Eurostat agency said eurozone economy expanded by 0.3 per cent in the fourth quarter and 0.9 per cent for all of 2014, slightly better than expected but too weak to convincingly signal a full-blown recovery.

Economic activity in the eurozone picked up slightly in fourth quarter, official EU data showed in a sign that the benefits of cheap oil and stimulus by the European Central Bank are taking effect.

The data was higher than a forecast of 0.8 per cent made by the European Commission last week.

The data comes as renewed fears over the plight of heavily indebted Greece, where growth stalled as the leftists government faces dangerous default if its massive bailout is not extended by the end of the month.