Eurozone economy on the road to recovery

The economy in the eurozone area is expected to grow strongly in the first two quarters of 2018, three think tanks said on Wednesday in a joint forecast report. Economic output in the eurozone area is expected to grow respectively by 0.6 percent, 0.6 percent and 0.5 percent in the fourth quarter of 2017, in the first and second quarters of 2018, respectively, following the growth of 0.6 percent in the third quarter last year, according to the latest forecast by the Munichbased Ifo institute, the Swiss KOF institute, and Italy’s Istat institute. The report noted that the main driver of the growth is private investment. Meanwhile, private consumption is expanding robustly, but at a slower pace than in the first half of 2017.