2Q fastest growth in six years of European GDP

Eurozone GDP has grown by 0.9% in the second quarter of 2006 according to revised estimates from Eurostat, the Statistical Office of the European Communities. In the first quarter of 2006, growth rates were about 0.8% in both the Euro area and the EU25. Estonia and Slovenia, with a 2.8% increase, recorded the highest growth rate while Greece recorded the lowest, decreasing a 0.4%.Tony Juste, FX Advisor at FXstreet.com states: “EU GDP expectations come to confirm the overall slowdown in 2007, where the pessimits believe (and I agree with) that growth could be very close to 0% for the first part of the year. Data has not been taken into account by the market, but should weigh in the overall rating of the signle currency against the other majors.”Comparing with the other two main economies, the European growth is the strongest of this quarter, much more bigger that the 0.2% GDP expansion from Japan, or the 0.6% registered by U.S.