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Euro area recovery best in four years

eumapThe eurozone economy was said to be in robust recovery mode last month.

The economic momentum continued during June and apparently was not dented by the chaos of one of its members, Greece.

Private sector growth and hiring were the best for four years, according to Markit, the closely followed survey of eurozone health.

The improvements were driven in most part by Germany and France.

Economic growth has led to a growth in employment, “with job creation running at its highest for four years in the past two months”.

Recovery has been aided by increased consumer spending. Analysts believe increased consumption was kicked off by lower petrol prices, but were continued thanks to employment and an increase in wages.

Other factors include the stimulus programme of the European Central Bank and low inflation.

But decisions about Greece could impact still on the region’s recovery.

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