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Eurozone economic growth accelerates in Q1

by ChemOrbis Editorial Team -
  • 13/05/2015 (15:16)
According to a data from the statistical office of the European Union (Eurostat), economic growth in the eurozone accelerated to 0.4% in the first quarter of 2015 after posting a growth rate of 0.3% in the last quarter of 2014. The acceleration in the region’s economic growth reportedly stemmed from stronger growth rates from France and Italy. The eurozone’s Q1 growth rate was the largest quarterly growth seen in almost two years in the region. On a yearly basis, the region’s gross domestic product (GDP) increased 0.1% in the January- March period.

According to France’s official statistics agency Insee, the country’s economy grew 0.6% in the first three months, posting the strongest rate of growth since the second quarter of 2013. Insee also reported that consumer spending rose 1.6% in the first quarter on the back of lower oil prices and a weaker euro.

In addition, Italy and Spain also posted stronger economic growth rates in the first quarter, expanding by 0.3% and 0.9%, respectively. In the first quarter of this year, Italy posted its first quarterly growth since 2011 while Spain recorded the strongest quarterly growth rate in the region as well as its strongest quarterly growth since 2007.

However, German economic growth slowed to 0.3% in the first quarter following a growth rate of 0.7% in the previous quarter due to weaker exports. Greece, meanwhile, has gone into recession again as the Greek economy contracted 0.2% after receding by 0.4% in the last quarter of 2014.

Meanwhile, according to a separate report released by Eurostat, industrial production in the eurozone rose 1.8% on the year in March after posting an upwardly revised gain of 1.9% in the previous month. March’s figures missed economists’ estimates, which called for an increase of 1.9%. On a monthly basis, however, industrial production in the eurozone fell 0.3% in March after an increase of 1% in February.

The report showed that production in the energy sector rose 3.8% on the year in March while capital goods output increased 0.3%. Production for durable goods decreased 1.7% while intermediate goods production was stable.
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