Eurozone recession figures may bring optimism to expats making money transfers

Expats who make international payments to their foreign-based businesses may welcome indications that the European Union (EU) economy is set to grow.

Figures due to be released today (November 13th) are forecast to reflect the area's strengthening financial market, Agence France Presse reports.

Both France and Germany are set to reveal their gross domestic product output for September, while 16 other EU countries are also to publish details on their economies.

Experts from IHS Global Insight, BNP-Paribas and HVB UniCredit Group state in the third quarter the eurozone may see a fiscal growth of 0.5 per cent.

Howard Archer, chief economist from IHS Global Insight, hinted the region may be "exiting recession," thanks to a 0.3 per cent increase in industrial production during September.

In addition, growth in the private sector is also fuelling optimism that the EU may soon emerge from the credit slowdown.

Meanwhile, US government figures reveal the country's economy saw a 3.5 per cent growth in the third quarter of this year.

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By Linsey Summers