13th May 2015
Today’s data showed the European economy post robust growth, however, Greece continued to shrink.
Figures from Eurostat showed that the eurozone grew by 0.4 per cent in the first quarter of 2015, broadly in line with expectations. It means that Europe’s economy expanded faster than the US and the UK in the first three months of the year.
Growth in France helped lift the overall figure higher, as it expanded by an impressive 0.6 per cent. Meanwhile, Germany’s economy continued to expand by a healthy 0.3 per cent.
However, this came in contrast to economic activity in Greece, which contracted on heightened political uncertainty.
Eurostat’s report also showed that Greece shrank by 0.2 per cent in the first quarter, following on from a 0.4 per cent decline in the previous quarter. The nation’s economy had previously returned to growth in 2014, but the shaky political climate and ongoing debt crisis impacted demand.
Analysts also point out that these figures will not be the worst either, as the full costs of the bailout deadlock will be reflected in the second quarter’s figures.
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