Eurozone Q1 GDP Rises 0.3%... Economic Recovery Trend

[Image source=EPA Yonhap News]

The Eurozone (20 countries using the euro) saw its gross domestic product (GDP) increase by 0.3% quarter-on-quarter in the first quarter of this year, according to preliminary estimates.

European statistical agency Eurostat announced these figures on the 30th (local time). Compared to the fourth quarter of last year, the Eurozone GDP grew by 0.4%.

By country, in the first quarter of this year, France and Germany each grew by 0.2%, Italy by 0.3%, and Spain and Portugal by 0.7%. Ireland rebounded from -3.4% in the fourth quarter of last year to 1.1% in the first quarter of this year.

Bloomberg reported that the GDP growth rates of the four largest economies?France, Germany, Italy, and Spain?all exceeded expectations. This is interpreted as the Eurozone ending a mild recession last year and showing signs of economic recovery.

In the third and fourth quarters of last year, the Eurozone experienced a technical recession with consecutive economic growth rates of -0.1%.

The Eurozone inflation rate in April remained steady at 2.4%, the same as in March. Inflation in France and Germany rose by 2.4%, while Italy's inflation was 1.0%, below the European Central Bank (ECB) target of 2.0%.