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 in the euro zone grew much faster than known. In the first quarter, the 19 countries grew by 0.6 percent compared to the previous quarter, according to the statistics office Eurostat. A previous estimate had shown growth of 0.3 percent. The 27 EU countries also grew much faster than expected. Instead of an increase of 0.4 percent, there is now an increase of 0.7 percent.
The German economy grows by 0.2 percent
The strongest growth in the euro zone was recorded in Ireland at 10.8 percent and Latvia at 3.6 percent. In France, on the other hand, the economy shrank by 0.2 percent. The German economy grew by 0.2 percent.
The overall result was mainly supported by foreign trade. Exports from the euro area increased by 0.4 percent over the quarter, imports into the currency area fell by 0.6 percent. Consumer spending by private households and the member states developed negatively. The growth contribution of business investments was small.