A spending spree triggered by the plunge in energy prices helped boost eurozone growth to 0.4 per cent in the first quarter, as the region made further strides towards a meaningful recovery after years of near stagnation.
The strong start to 2015 means the eurozone grew at a faster pace than the US and UK economies, reversing the trend seen in recent years when the region was one of the world’s economic laggards.
The flash estimate for gross domestic product, produced by Eurostat, was broadly in line with economists’ expectations and beat the 0.3 per cent expansion recorded for the final quarter of last year. The US and UK economies expanded by 0.2 per cent and 0.3 per cent respectively over the same period.
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