- Chris Williamson, chief economist at Markit
Eurozone trade surplus increased unexpectedly in October, a sign that the indebted bloc is regaining its competitive edge. According to the EU's statistics office Eurostat, Eurozone's merchandise trade showed a surplus of 10.2 billion euros in October, higher than a trade surplus of 9.5 billion euros recorded in the previous month. Exports from the region, however, fell by 1.4%, while imports added 0.6%. At the same time, Eurozone hourly labour costs jumped 2% in the quarter, mainly because of a 3.3% increase in Germany, showing some positive signs for the struggling region's economy.
"The Eurozone downturn showed further signs of easing in December, adding to hopes that the outlook for next year is brightening," said Chris Williamson, chief economist at Markit.
"Economic weakness in the euro zone is expected to extend into next year," Draghi said. "A gradual recovery should start later in 2013.By the second part of the next year, we should see the beginning of a recovery ."
"I expect solid growth for the euro area next year and no change in interest rates," said Ulrich Kater, chief economist at DekaBank Deutsche Girozentrale in Frankfurt.
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