Wednesday, June 8, 2011

Eurozone growth rate confirmed at 0.8 percent in Q1













Eurozone economy grew by 0.8 percent in the first quarter of this year compared with the previous quarter, the European Union's statistical bureau Eurostat confirmed on Wednesday.

The figure, which is in line with the flash estimate made by Eurostat last month, is much higher than the 0.3 percent seen in the last quarter of 2010.
During the first three months of 2011, eurozone exports and gross fixed capital formation rose by 1.8 percent quarter on quarter, while household spending increased by 0.3 percent.
Among the member states, Estonia, which joined the single currency bloc this year, registered a growth rate of 2.1 percent, while Germany saw a growth rate of 1.5 percent. Greece's economy expanded 0.8 percent while Portugal's contracted by 0.7 percent.
During the first quarter, the 27-nation EU economy also grew by 0.8 percent quarter on quarter and by 2.5 percent year on year.
Meanwhile, the U.S. gross domestic product (GDP) increased by 0.5 percent while Japan's GDP shrank by 0.9 percent in the first quarter of 2011 compared with the previous quarter.




Xinhua