Europe grows E conomic growth in the eurozone as a whole continues to show a fairly significant acceleration. The Eurozone’s GdP grew by 2.4 % in 2017, the highest since 2007, significantly hiher than the 1.8 % registered in 201g 6. GROWTH IN THE EuROzONE For 2018, growth is estimated at 2.2 %. external factors such as the growth in the world’s economy contribute to this upturn. internal factors such as the strong performance of private consumption and investment in 2017 2.4 % improved bank financing have also played a part. One important variable is that the unemployment rate is dropping, with a long-term projection down to 7.3 %. 2018 2.2 % The German economy continues to show a healthy rate of growth, a trend that is expected to continue through 2018. The coalition agreement between the two main parties (CDU and SPD) can benefit the economy with a minor fiscal stimulus. in italy, on the other hand, the March general election Monetary policy, oil prices resulted in a political situation far removed from what and expansion of emerging is needed to carry out the reforms the country so badly needs. Monetary policy, oil prices and expansion of countries, keys to the emerging countries, keys to the economy. economy Spain rises above the average The Spanish economy closed 2017 with growth of 3.1 %, higher than the eurozone average. Forecasts for 2018 point to 2.4 %; and for 2019, to 2.1 %. GDP GROWTH FORECAST The strong growth benefitted from the good performance of the global economy and the strength of the eurozone recovery, which stimulates the Spanish foreign sector. As for private consumption, which represents 57 % of 2017 3.1 % GdP, it slowed down slightly. On the other hand, investment in industrial equipment looked lively, underpinned by business confidence. 2018 2.4 % A negative factor in 2017 was the Social Security deficit. With the Reserve Fund running out, the Treasury had to grant loans to cover the shortfall. This situation demands 2019 2.1 % an immediate institutional debate to come up with solutions. GeneRAL COnTexT — 17