Eurozone economy grows 0.3 pct in Q4 last year

Gross domestic product (GDP) in the eurozone grew 0.3 percent in the fourth quarter of 2013, European Union (EU) statistics office Eurostat said Friday.

Meanwhile, the economy in the 28-nation European Union (EU) also expanded, by 0.4 percent from the previous quarter, the office said.

Both areas posted the rise in GDP for three consecutive quarters, suggesting a continuing recovery picture for European economy.

On a seasonally adjusted basis, fourth-quarter GDP rose 0.5 percent year-on-year in the single currency bloc and 1 percent in the EU, following decreases of 0.3 percent and 0.2 percent respectively in the previous quarter.

Over the whole of 2013, GDP fell 0.4 percent in the euro area and rose 0.1 percent in the EU.

As the biggest economy in the EU, Germany posted a rise of 0.4 percent in the fourth quarter of 2013, with Britain and France registering 0.7 percent and 0.3 percent respectively.

Italy, the third biggest economy in single currency bloc and a seriously debt-burdened country, merged from recession in the fourth quarter of 2013, posting a rise of 0.1 percent.