Broad-based growth in Eurozone confirmed after boom year

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Broad-based growth in Eurozone confirmed after boom year

The rate came in line with the preliminary flash estimate published on January 30.

The euro-area economy maintained its robust growth pace at the end of a year ago, setting the stage for another solid performance in 2018 that may sway European Central Bank policy makers into winding down unprecedented stimulus. The annual rate also matched previous estimate.

The Eurozone economy has enjoyed a remarkable turnaround over the past year, with a stronger global economy helping the bloc to an impressive performance during 2017.

The eurozone posted strong industrial production figures for December, while growth data confirmed that the bloc's economy enjoyed its fastest growth rate in a decade previous year - in sharp contrast to the situation in the UK.

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That was mirrored by growth in the EU's biggest economy, Germany, which grew by 0.6% in the final quarter of 2017.

Quarterly national accounts from euro area and major European economics are due on Wednesday. Growth slowed in Germany and Italy, while the pace of expansion accelerated in the Netherlands and Portugal, according to separate reports.

Dutch GDP growth doubled to 0.8% from 0.4%.

At 5.00 am ET, Eurostat is slated to release euro area GDP and industrial production data.

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Those numbers offer a sharp contrast to the situation in the United Kingdom, where the economy has been slowing over the past year as the impact of inflation, stemming from the steep fall in the value of sterling in the wake of the June 2016 Brexit vote, has eroded households' incomes.

Q4 growth in Germany was 0.6%, France expanded 0.6% and Spain grew 0.7%.

Eurostat also revised upwards November production figures to 1.3 percent month-on-month from 1.0 percent and to 3.7 percent year-on-year from 3.2 percent.

An acceleration in industrial production growth was not enough to prevent a slight slowdown in eurozone GDP growth in the fourth quarter, Stephen Brown, an economist at Capital Economics, said. Nevertheless, the economic outlook is bright.

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