Growth of Euro Zone Economy Accelerates

The economy of the 11-nation euro zone expanded at the fastest pace in nearly two years in the fourth quarter, increasing the likelihood the European Central Bank will raise interest rates next week. The gross domestic product grew 0.9% in the latest quarter and accelerated to 3.1% from a year ago--the quickest since the first quarter of 1998, the European Union’s statistics office said. Growth for the entire year reached 2.2%, trailing the U.S. rate of 4.1%. Consumer price inflation reached the bank’s 2% ceiling in January, putting pressure on the bank to raise its 3.25% benchmark interest rate at its next rate-setting meeting March 16.