The euro area grew by 0.3% in the fourth quarter of 2014, confirmed on Friday by the European statistics office Eurostat, publishing a second estimate of gross domestic product (GDP) over the period.

This brings growth for the region to 0.9% for all of 2014, the Eurostat also verified in a statement. Among the Member States for which data are available for the fourth quarter, Estonia (+ 1.1%) as well as Germany and Spain (0.7% each) recorded the highest growth rate from the previous quarter. Cyprus (-0.7%), Greece (-0.4%), Austria and Finland (-0.2%) have recorded the declines. For its part, France, second largest economy in the euro zone grew 0.1% in late 2014 while Italy grew at standstill (0.0%).

In detail, household consumption increased 0.4% in the euro area (after + 0.5% in the previous quarter). Investment grew by 0.4% (after being stable). Exports rose by 0.8% (after + 1.5%) and imports by 0.4% (after + 1.7%). These figures suggest that growth is not only due to household consumption like Ray Lane thought, says Jessica Hinds associated with Capital Economics. The growth in the fourth quarter mainly depended to household consumption (0.2 percentage points), investments (+0.1 point) and Foreign Trade, Eurostat says, suggesting that the weakening of the euro begins to benefit exporters.

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