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Financial News: Eurozone GDP Growth Doubles In Q1, Flash Confirmed

Eurozone GDP Growth Doubles In Q1, Flash Confirmed

05/15/2019 - 05:18:00 (RTTNews)

(RTTNews) - Eurozone's quarterly economic growth rate doubled in the first three months of the year, latest figures from Eurostat showed on Wednesday, confirming the initial estimate released late April. Gross domestic product grew 0.4 percent from the fourth quarter of 2018, when the euro area economy expanded 0.2 percent.

The pace of growth was the strongest since the second quarter of 2018, when the economy expanded at the same rate.

On a year-on-year basis, GDP rose 1.2 percent in the first quarter, same as in the previous three months.

Both quarterly and annual growth rates were in line with the preliminary estimates released on April 30.

In the EU28, the quarterly pace of GDP growth improved to 0.5 percent from 0.3 percent. The year-on-year growth rate was steady at 1.5 percent.

Employment in the euro area grew by 0.3 percent quarter-on-quarter in the first three months of the year, the same pace as in the previous quarter. On a year-on-year basis, employment increased 1.3 percent in Eurozone, same as in the previous quarter. In the EU28, employment grew 0.3 percent quarterly following a 0.2 percent increase in the previous three months. The annual job growth slowed to 1.1 percent from 1.2 percent.

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