Global economy experiences significant growth

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The global economy is growing at its fastest rate for 12 months, a new survey revealed.

The upturn in the United States economy helped redress some of the damage done by the eurozone crisis. This meant that global private sector activity in February grew at its fastest rate in a year.

According to The Global Total Output index from JP Morgan growth was 55.5 in February up from 54.5 in January. These figures successfully surpass the 50 mark that separates growth from contraction.

"The world economy is gaining strength. The global PMI hit a one-year high in February, building on the gains of previous months, with momentum improving at both service providers and manufacturers," David Hensley at JPMorgan told Reuters.

The Global Services index also experienced an increase from 55.3 in January to 56.5 last month.

While growth is positive for long-term sustainability, it has caused costs for several items to rise at their fastest pace since May 2011. Both oil prices and transport costs have rocketed.

Growth in the United States has picked up at a surprising rate, rising to its highest level in a year last month.

However, the economy of eurozone has seen a sharp downturn in activity, especially in the Italian and Spanish private sectors. Germany, which has the biggest and strongest economy in the eurozone, experienced a slowdown in growth as did France.

Transferring money to the Eurozone

If you are looking to invest in the Eurozone, think carefully about how you will be transferring money to the area. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are looking to send money overseas, be sure to compare the market before you buy your foreign currency.

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Global economy experiences significant growth

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