Growth in the 4 largest economies of the Eurozone exceeded forecasts
The economies of Germany, France, Spain and Italy grew above forecasts in the first quarter of 2024.
The largest economies in the Eurozone grew above expectations in the January-March period. This signaled that economies were on the path to recovery after the recession seen last year.
In Germany, Europe’s largest economy, gross domestic product increased by 0.2 percent in the first quarter compared to the previous quarter. The expectation was a 0.1 percent increase. The economy contracted by 0.5 percent in the previous quarter.
Germany is back from the brink of economic recession with the data announced today.
France, Europe’s second largest economy, grew by 0.2 percent in the same period. Economic growth was 0.1 percent in the last quarter of 2023. Annual inflation in the country was 2.4 percent, exceeding the forecast of 2.2 percent.
The Italian economy grew by 0.3 percent in the first quarter, exceeding the forecasts of 0.1 percent.
Data released yesterday showed that growth in Spain exceeded the forecasts of 0.7 percent and 0.4 percent.
The Eurozone economy was hit in the second half of 2023 by high inflation, high interest rates and weak global demand.