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Britain’s GDP growth outpaces eurozone

LONDON: Britain’s economy picked up speed to outpace the eurozone in the second quarter despite mounting concerns over Brexit, official data showed on Friday, helped partly by sunny weather and the World Cup football tournament. Gross domestic product — the value of all goods and services produced in an economy — grew 0.4 per cent in the three months to the end of June, the Office for National Statistics (ONS) said in a statement. That was in line with market expectations, Britain, which is scheduled to leave the European…

Eurozone growth slows as trade tensions persist

BRUSSELS: Economic growth in the eurozone slowed in the second quarter, official data has shown, feeding concerns that global trade tensions fuelled by Washington may be hurting Europe’s economy. Major economic institutions — including the European Central Bank and International Monetary Fund — have warned that growth in the eurozone risks taking a hit from the rising protectionism that stemmed from the “America First” policies of US President Donald Trump. The fresh data released Tuesday confirmed the fears with…

Eurozone economy growth hits highest in decade

Growth in the eurozone shot up in 2017, putting Europe at the centre of a global recovery and on par with levels last seen before the financial crisis a decade ago, official data said Tuesday. Europe's economic recovery roared on despite the uncertainty around Brexit, with the economies in the 19-country area that uses the euro lifted by a resurgent France and Spain. Economic growth in the eurozone hit 2.5 percent, far ahead of the 1.8 percent reached a year earlier, the EU's Eurostat statistics agency said. Read…

Estonia to open world’s first virtual data embassy

TALLINN: Cyber-savvy Estonia has taken yet another step forward in global technology, as the small Baltic state is set to open the world's first data embassy in Luxembourg early next year. The heavily protected server room will contain important Estonian e-government data, so that the NATO and eurozone member can access it even when systems are down at home. "Data security and cyber security are generally crucial from the perspective of both people's confidence and the functioning of services," Estonian Prime Minister…

Eurozone growth at highest pace in six years: survey

BRUSSELS: The eurozone economy grew at its fastest pace in six years in February, as all signs pointed to the recovery maintaining "strong momentum," a closely watched surved showed Tuesday. Data monitoring company IHS Markit also said job creation in the 19-country eurozone recorded its best level for nearly a decade. It said its February Composite Purchasing Managers Index came in at 56.0 points, up from 54.4 points in January, with growth accelerating in both manufacturing and services. "The latest reading was…