Euro zone nations reveal Q1 economic growth
The euro zone’s largest economy, Germany, grew by 1.5% in the January to March period – much better than forecast, according to Destatis today.
On an annual basis, growth jumped 5.2% – the largest increase since reunification in 1990.
Export demand helped to bring Germany out of recession in the second quarter of 2009 – much sooner than many of its counterparts throughout the world.
Last week, the statistics office revealed German exports rose to a record high in March and the country is currently driving the recovery in the euro zone, with France following closely behind.
France, which is the euro zone’s second largest economy, posted growth of 1% in the three-month period – the fastest rate since the second quarter of 2006 – also better than expected.
The positive figures from both nations offset the current problems in weaker euro zone nations, such as Greece and Portugal.
In the meantime, Spain posted growth of just 0.3% but this was in line with expectations. The country is currently suffering with high unemployment levels due to the slump in the construction industry.
First quarter growth figures for the 17-member euro zone will be published later today.