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1st LD Writethru: EU, Eurozone GDP expand by 0.5 pct in first quarter

Xinhua, May 16, 2017 Adjust font size:

The gross domestic product (GDP) in both the 19-nation Eurozone and the wider European Union (EU) expanded by 0.5 percent quarter on quarter between January and March, the bloc's statistics office Eurostat projected Tuesday.

The office maintained its forecast for the Eurozone while nudged up that of the EU from the 0.4 percent in its first estimate earlier this month.

Tuesday's readings came following fresh economic data of several member states including Italy, whose GDP in first quarter rose by 0.2 percent, weaker than France and the United Kingdom which both saw 0.3 percent. The bloc's powerhouse Germany reported quarterly expansion of 0.6 percent.

On a yearly basis, Eurozone's GDP increased by 1.7 percent in the first quarter, adding to evidence that the bloc's recovery gained momentum and outperformed the United States, which saw the weakest growth pace in three years in the first quarter at a 0.7 percent annual rate.

Tuesday's figures confirmed that Eurozone's recovery maintained a decent pace, and growth was set to pick up further, said a research of the Capital Economics. Endit