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Eurozone economy grows faster than expected on AI spending, confident consumers
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The Business Times
The economy of the 21 nations sharing the euro currency expanded by 0.4% on the quarterAmple government spending and several one-off factors more than offset a drag from high energy costs and the war in Iran.
PHOTO: REUTERS[FRANKFURT] The eurozone economy grew faster than expected last quarter as surging investment in AI, ample government spending and several one-off factors more than offset a drag from high energy costs and the war in Iran.
The second quarter was initially expected to be the start of a rebound after a difficult and turbulent year for Europe.
A key economic sentiment indicator, also published on Thursday, meanwhile rose more than expected on better industrial and services sentiment.
Industry, in the doldrums for years, has also held up against high energy costs surprisingly well and may have added to growth, unlike in previous years, when it was a persistent drag.