The European Central Bank (ECB) said today in its Economic Bulletin that private consumption in the Eurozone has a larger scope of growth and is likely to lead to economic expansion even as external headwinds multiply.
The growth of the Eurozone economy has slowed sharply in the past two quarters, raising concerns that a significant expansion of the euro zone, which is now in its sixth year, could reach its early end.
But the ECB has referred almost completely that slowing to external factors with domestic demand remains strong and job creation seems to be stalled. The level of employment in the euro zone exceeded 107 million jobs, a record high, but unemployment is still 8.3 percent higher by a percentage point before the financial crisis.
