Eurozone: GDP growth disappoints in Q1
May 15, 2014
In Q1 2014, the Eurozone’s GDP rose a seasonally-adjusted 0.2% over the previous period according to the flash estimate released by the statistical office (Eurostat) on 15 May. The Q4 reading was in line with the 0.2% expansion recorded in the previous quarter. This represented the fourth consecutive increase following six consecutive quarters of contraction—the longest recession in the Eurozone’s history. That said, the reading came in below market expectations of a 0.4% increase. On an annual basis, the economy expanded 0.9% (Q4 2013: +0.5% year-on-year), which marked the largest expansion since Q3 2011.
Looking at the four major countries in the region, Germany—accounting for nearly 30.0% of the Eurozone’s output—recorded the strongest expansion (Q4: +0.4% quarter-on-quarter; Q1: +0.8% qoq), followed by Spain (Q4: +0.2% quarter-on-quarter; Q1: +0.4% qoq). France experienced flat growth (Q4: +0.2% qoq), while GDP contracted 0.1% in Italy (Q4: +0.1% qoq).
Author: Armando Ciccarelli, Head of Data Solutions