Ireland and Latvia recorded the strongest economic growth in the first quarter. Germany’s economy is also growing. Overall, economic growth in all 19 countries will double.
At the beginning of the year, the economy of the Eurozone grew much faster than it is known. In the first quarter, 19 countries grew 0.6 percent over the previous quarter, according to the Office for Statistics’ Eurostat. The previous estimate was 0.3 per cent growth.
The 27 European Union countries also grew faster than expected. Instead of an increase of 0.4 per cent, there is now an increase of 0.7 per cent.
The German economy is growing at 0.2 percent
The strongest growth in the eurozone was 10.8 percent in Ireland and 3.6 percent in Latvia. In France, on the other hand, the economy contracted by 0.2 percent. The German economy grew by 0.2 percent.
The overall result was mainly support for foreign trade. Exports from the eurozone rose 0.4 percent during the quarter, while imports into the currency sector fell 0.6 percent. Consumer spending by private households and member states grew negatively. The growth contribution of business investments was small. (DPA)
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