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Eurozone Q1 economic growth revised up to 0.6%

by ChemOrbis Editorial Team -
  • 07/06/2016 (17:20)
According to data compiled by Eurostat, economic growth in the eurozone was revised up to 0.6% from the agency’s earlier growth estimates of 0.5% for the first quarter of this year. On a yearly basis meanwhile, the bloc’s economy grew 1.7% in the first three months compared with the same period of 2015, up from earlier growth projections of 1.5%.

The acceleration in economic growth was driven by stronger household spending, which rose 0.6% when compared to the final three months of last year, posting the strongest growth since the last quarter of 2014. Higher government and investment spending also contributed to the region’s economic growth in the January-March period.

Meanwhile, Eurostat raised its growth estimate for the fourth quarter of 2015 to 0.4% on the quarter and 1.7% on the year from its previous estimates of at 0.3% and 1.6%, respectively.
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