Eastern Europe's Economies Grow faster On European Union Entry
June 9 (Bloomberg) -- East European economic growth accelerated in the first quarter at a record pace, outstripping western Europe's growth as European Union entry boosted exports and investment increased salaries and consumer spending. Growth in the Czech Republic was a record 7.4 percent, Latvia reported 13.1 percent expansion, the EU's fastest, Slovenian growth accelerated to 5.1 percent and Hungary's gross domestic product was 4.6 percent higher than a year ago, the statistics offices of the countries said today. Slovakia's growth was 6.3 percent and Poland's 5.1 percent.>p>The former Soviet Bloc nations have benefited as trade barriers crumbled following 2004 EU membership, the EU pumped in funds for highways and railroads and foreign companies invested more than $250 billion. General Electric Co. and PSA Peugeot Citroen are among scores of companies that moved east to build plants, creating jobs, pushing up wages and igniting a consumer spending boom that is underpinning growth in the region.
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