Euro zone grows more than expected in Q1 after recession

[April 30, 2024]  BRUSSELS (Reuters) - The euro zone economy grew by more than expected in the first quarter of 2024, buoyed by a return to growth for Germany and strong expansion in Spain, preliminary data from the European statistics agency Eurostat showed on Tuesday. 

The skyline of the banking district is seen during sunset in Frankfurt, Germany, April 21, 2024. REUTERS/Kai Pfaffenbach/File Photo

Gross domestic product increased by 0.3% quarter-on-quarter for a 0.5% year-on-year rise, compared with market expectations that both would expand by 0.2%.

The fourth quarter GDP figure was also revised down to a negative 0.1% from a previous 0.0%, meaning that the euro zone was in a technical recession in the second half of 2023.

(Reporting by Philip Blenkinsop)

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