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Growth in France and Spain boosts Eurozone recovery

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Hopes of a quickening economic recovery in the Eurozone have been boosted by positive data from both Spain and France. Spain's central bank increased its 2015 forecast from 2% to 2.8% on the back of growth in the first three months of the year hitting 0.8%. The Bank of Spain also said in its monthly bulletin that household spending was likely to have risen, though at a slower rate than in the previous quarter. In Paris, government borrowing figures have seen a sharp improvement, with the budget deficit dropping to 4% of GDP in 2014 from 4.1% in 2013, beating official estimates of an increase to 4.4%. Michel Sapin, the French finance minister, said that the data paved the way 'for a revision of the 2015 public deficit to about 3.8% of GDP', lower than its previous forecast of 4.1%. He also said: 'We will do better than 1% growth in 2015.'

 

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