- International Monetary Fund
Business morale in France rose to the highest level in four years amid low oil prices and a weaker Euro. Business confidence index climbed to 100 in August, the highest reading since 2011, according to INSEE. Analysts, however, had predicted the gauge to remain at 99, the same level as in July. The improvement in the French business climate indicates the Euro zone's second biggest economy is recovering, even though economic data remain dismal. The French Finance Ministry and the International Monetary Fund expect that economic growth in 2015 will reach 1%, compared with an average of less than 0.5% in the previous three years.
Meanwhile, the Spanish economy managed to maintain momentum seen in the first quarter, as the nation's economic output rose further in the three months through June. According to the final GDP data, the Euro bloc's fourth largest economy grew 1.0% on quarter in the April-June period, after expanding 0.9% in the beginning of the year. The data marked the eighth straight quarter of continuous economic growth in Spain. When measured on an annual basis, the economy added 3.1%, compared to the first quarter's 2.7% increase. Analysts had expected confirmation of 3.1% GDP growth as estimated by preliminary figures.
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