Zero growth in the euro area in the first quarter. According to the preliminary estimate released by Eurostat, the total GDP of the currency union showed no changes compared to the previous three months. A data slightly better than expected: on average, analysts expected a contraction of 0,2% after the -0,3% suffered by the GDP of the euro area in the last three months of 2011. No change even in the comparison on an annual basis. Thus the technical recession was avoided, for which two consecutive quarters of negative growth are needed. In any case, the latest forecasts by the European Commission indicate a negative growth in GDP of -2012% for the whole of 0,3.
Zero growth also looking at the entire European Union at 27 from the previous three months, while in the annual comparison the GDP recorded a limited +0,1%.
The general figure seems to reflect a dynamics much more solid than expected from Germany, the leading economy in the currency area, which in the first three months of the year saw its GDP increase by 0,5% from the previous three months and by 1,2% on an annual basis. France instead it recorded zero growth from the previous three months and a limited +0,3% on an annual basis.
Eurostat confirms Istat data on Italy, the third largest economy in the euro area, which suffered a contraction in GDP of 0,8% from the previous three months and -1,3% on an annual basis. Hungary only, which however is not part of the euro area, recorded a sharper drop in GDP than the previous quarter, equal to -1,3%, according to Eurostat data.
