Eurozone ‘shows recovery signs’

THERE are tentative signs that the downturn in Europe’s economy is at an end and that an upturn, especially in the eurozone, is in sight.

However, the European Commission quarterly review, released in Brussels yesterday, underlined the dangers of a collapse in the housing market in a number of countries, including Ireland.

Property prices increased by 14.2% in Ireland last year which was second only to Spain at 17.4%. The report warned that household debt had increased mainly to fund house purchases, but added there were signs of a deceleration in house prices in Ireland over the past few months.