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Financial News: Eurozone Economy Expands As Estimated In Q1

Eurozone Economy Expands As Estimated In Q1

06/07/2018 - 05:30:00 (RTTNews)

(RTTNews) - The euro area economy expanded as initially estimated in the first quarter, the latest estimate from Eurostat showed Thursday.

Gross domestic product grew 0.4 percent sequentially in the first quarter, slower than the 0.7 percent expansion seen a quarter ago. The rate came in line with the estimate released on May 15.

On a yearly basis, GDP growth slowed to 2.5 percent, as estimated, from 2.8 percent a quarter ago.

The expenditure-side breakdown of GDP showed that household spending growth improved to 0.5 percent from 0.2 percent. Meanwhile, government spending remained flat sequentially after gaining 0.3 percent.

Gross fixed capital formation advanced 0.5 percent but slower than the 1.3 percent rise seen in the prior period.

At the same time, exports dropped 0.4 percent and imports by 0.1 percent in the first quarter. Exports and imports advanced 2.2 percent and 1.5 percent, respectively in the fourth quarter of 2017.

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