The EU Economy with the Fastest Growth since 2007

The performance has offset fears over the future of the currency itself

Gross fixed capital formation in machinery and equipment was also up on the previous quarter. Growth slowed in Germany and Italy, while the pace of expansion accelerated in the Netherlands and Portugal, according to separate reports.

The Eurozone economy has enjoyed a remarkable turnaround over the past year, with a stronger global economy helping the bloc to an impressive performance during 2017. European Central Bank policy makers say they're increasingly confident that robust growth will slowly rekindle price pressures, paving the way for a gradual withdrawal of monetary accommodation.

The slight slowdown from the 0.7 per cent expansion in the third quarter was less than previously thought, with 0.59 quarter-on-quarter growth, above the 0.56 per cent previously thought.

The final three months of the year saw exports contribute more strongly to growth than they had between July and September.

While household consumption was flat, government expenditure increased.

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The net trade contribution should also be positive. GDP is seen expanding 0.6%, in line with flash estimate. GDP increased 0.7 percent in Portugal.

"Looking ahead, the same fundamentals which have supported growth in 2016 and 2017 should still be in place" this year, economist Carsten Brzeski of ING Diba bank said, pointing to low interest rates, a strong labor market and a synchronized upturn across the 19-nation eurozone. "Germany will likely be among the strongest performers this year, but as you move through the year France and Italy will hopefully start to catch up".

"The economy could continue at its current pace for at least one or two more years without showing signs of overheating", he added.

At 5.00 am ET, Eurostat is slated to release euro area GDP and industrial production data. Inflation is expected to slow to 2.2% in January from 2.4% in December.

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