Eurozone economy grows 0.3% in Q4, consumption remains weak

The gross domestic product (GDP) in the eurozone grew 0.3 percent in the fourth quarter of 2013, EU statistics office Eurostat said on Wednesday. Meanwhile, the economy in the 28-nation EU also expanded 0.4 percent from the previous quarter, the same as first estimated last February, the office said. Both areas posted an increase in GDP for three consecutive quarters, suggesting a continued recovery for the European economy. The biggest upward impact on the GDP growth is gross fixed capital formation, which increased 1.1 percent in the eurozone and by 1.4 percent in the EU. Boosting consumption also bolstered further recovery in Europe. The household final consumption expenditure rose slightly by 0.1 percent in the eurozone and by 0.2 percent in the EU. Market is watching closely on the European Central Bank, which will announce the interest rate decision Thursday to loose monetary policy to push consumption up.