Mubasher: Final estimates on Thursday showed that gross domestic product (GDP) rose by 0.2% in the Eurozone and 0.3% in the 28-member European Union (EU28) in the fourth quarter of last year.

The growth rate was slightly higher than estimates of 0.1% in the Eurozone, while it remained unchanged for the EU28 in the third quarter, the EU statistical office, the Eurostat said.

On an annual basis, GDP in the Eurozone grew 1.1% in Q4-18, and 1.4% in the EU28, compared with year-on-year growth rates of 1.6% and 1.8% respectively in Q3-18.

For the full year 2018, GDP rose by 1.8% in the Eurozone and by 1.9% in the EU28, compared with 2.4% during the previous year.

In the fourth quarter, household final consumption expenditure rose 0.2% in the Eurozone and 0.3% in the EU28, positively contributing to GDP growth in both areas by 0.1% and 0.2%.

Gross fixed capital formation rose by 0.6% in the Eurozone and 0.4% in the EU28, with a 0.1% positive contribution to the GDP in both areas over the three-month period ended December.

Exports also rose by 0.9% in the Eurozone, while they rose 1.1% in the EU28 between October and December.

However, the Eurozone imports rose 0.5%, while they increased 0.8% in the EU28.

The contribution of the external balance to GDP growth was positive during the quarter for the Eurozone and the EU28, the Eurostat said.

This came along with a negative contribution from changes in inventories for both regions.

The strongest Eurozone growth figures were recorded for the period between October and December in Estonia at 2.2%, Lithuania at 1.3%, Latvia and Sweden both at 1.2%.

GDP for Greece and Italy declined 0.1%, while growth remained stable in Germany.

By 10:21 am GMT, the EUR/USD pair edged up 0.05% to $1.1313.