Biz People: Europe enjoying 'robust recovery'

European economic growth could prove to be stronger than expected thanks to an "intense recovery" under way, said EU Economic and Monetary Affairs Commissioner Joaquin Almunia (right).

In "Europe and the eurozone, I see possibilities to get better results than those in our last economic forecasts because there is a pretty intense recovery", said Almunia.

The European Commission already decided in February that its economic growth forecasts for this year were too conservative and raised them to 2.4 percent for the eurozone and 2.7 percent for the European Union.

However, economic data since then has painted an even rosier picture, showing in particular that the German economy, the biggest in Europe, has shrugged off a hike in value-added tax at the beginning of the year.

Figures released on Friday showed consumer and business confidence in the European economy at a six-year high in March, unemployment at the lowest level on record in February and inflation increasing only marginally in March.

(China Daily 04/03/2007 page16)