Real estate economic growth in the first quarter for the euro area: GDP did not record any changes compared to the previous three months. This is what we learn from an update of the data provided by Eurostat. Compared with the same quarter of last year, however, GDP fell by 0,1%. The data released today correspond to those of the preliminary estimate and mark an improvement in the picture compared to the -0,3% recorded by the GDP in the last quarter of 2011.
However, the average performance of Euroland hides very different trends between countries. There Germany recorded a substantial +0,5% of GDP compared to the previous three months, the France a zero change, while Italy suffered the sharpest drop: -0,8%. In Spain GDP fell instead by 0,3%.
In the last two months, business activity surveys have provided readings that raise fears of a weakening of the picture in the second quarter. Looking at all the European Union at 27, the GDP of the first quarter recorded a zero change from the previous three months and a +0,1% in the comparison on an annual basis.
