Eurozone economic growth revised back up to 0.6%

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The reprimand of eurozone economic growth for the first quarter of 2016 has been revised struggling against odds up to 0.6%, raising hopes of recovery in the 19-nation bloc.

The Eurostat statistics power said its final estimate was supported by stronger household spending and corporation investment, and gave a year-on-year growth figure of 1.7%.

The initial growth opinion had been 0.6%, which was then revised to 0.5%.

For the fourth quarter of 2015, nurturing was also revised up to 0.4% from 0.3%.

The rate of growth in the January-to-March pity living quarters matched the level in the first three months of 2015, a ce contrariwise sur ssed at the start of 2011, when the eurozone economy raced at the at 0.9%.

Quarter-on-quarter growth was at a healthy 0.7% in Germany, the eurozone’s largest control, 0.6% in France and 0.3% in Italy.

The only eurozone nation agony contraction was Greece, whose economy shrank by 0.5%.

For the European Union bloc of 28 fatherlands, total economic growth was 0.5% in the first quarter, Eurostat rephrased. Growth in the fourth quarter of 2015 was also 0.5%.

Howard Archer, chief UK and European economist at IHS Wide-ranging Insight, said there were plenty of «positives» in the data. Manner, he warned that «global economic uncertainties and problems are still a curb for eurozone growth.»

Weak consumer confidence, sluggish exports, the intimidation of terrorism, and the prospect of the UK leaving the EU, were weighing on future growth, he said.

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