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Sunday 06th of June 2010
June 4, 2010    

euro zone first quarter GDP unrevised at 0.2%

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by Kay Murchie
euro zone first quarter GDP unrevised at 0.2%

EU’s statistics agency Eurostat today revealed the euro zone economy grew by 0.2% in the January to March period – unrevised from the previous estimate.

However, Eurostat also announced that the euro zone economy actually expanded by 0.1% in the October to December period last year, against its previous estimate of zero growth.

Consequently, the euro zone has now expanded for three consecutive quarters - providing some much needed good news for the area, which is in the midst of a debt crisis.

However, the figures are way below GDP in the US and Japan, which saw growth of 0.8% and 1.2% in the first three months respectively.

Meanwhile, the 27-nation EU as a whole, also posted 0.2% - again unrevised from the previous estimate.

In related news, earlier this week it was revealed unemployment in the 16-member euro zone rose to 10.1% in April – the first time it has reached this level since the common currency was introduced in 1999.

Eurostat said 15.86 million people were unemployed in the euro zone during April.

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