The final data published by Eurostat showed that in the first quarter the economy grew by 0.3%, in accordance with the preliminary assessment and forecasts of economists. In the fourth quarter, GDP shrank by 0.1%. The GDP of the EU countries also increased by 0.3% after remaining unchanged in the fourth quarter.
In annual terms, the eurozone economy grew by 0.4%, as expected, after an increase of 0.2% in the fourth quarter (revised from +0.1%), while EU GDP grew by 0.5% after growing by 0.3%.
Malta (+1.3%) recorded the highest increase of GDP compared to the previous quarter, followed by Cyprus (+1.2%) and Croatia (+1.0%). Decreases were observed in Denmark (-1.8%), Estonia (-0.5%) and the Netherlands (‑0.1%).
The data also showed that in the first quarter household final consumption expenditure increased by 0.2% in both the eurozone and the EU (after +0.2% in the eurozone and +0.3% in the EU in the previous quarter), government final consumption expenditure was stable in the eurozone and increased by 0.1% in the EU (after +0.6% in the eurozone and +0.5% in the EU in the previous quarter), gross fixed capital formation decreased by 1.5% in both the eurozone and the EU (after +0.8% and +0.7% respectively), exports increased by 1.4% in the eurozone and by 1.0% in the EU (after +0.2% in the eurozone and +0.4% in the EU), and imports decreased by 0.3% in the eurozone and by 0.2% in the EU (after +0.6% and +0.5% respectively).
A separate report showed that the number of employed in the eurozone rose by 0.3% after a similar increase in the fourth quarter. Economists also expected growth of 0.3%. In annual terms, employment growth slowed to 1.0%, as expected, from 1.2% in the fourth quarter. Romania (+2.4%), Malta (+1.4%) and Portugal (+1.1%) recorded the highest growth of employment in persons compared with the previous quarter. Decline of employment was recorded in Poland (-0.6%), Slovakia(-0.3%) and Sweden (-0.1%).