The eurozone is likely to manage a growth spurt of 1.7%, according to fresh data from Eurostat which showed that annual GDP growth was higher than anticipated.
The statistics estimate annual GDP growth of 1.7% when compared to the first quarter of 2015.
Eurostat noted that the biggest boost had come from an increase in investment along with a rise in exports of 0.4%, though the eurozone’s healthy trade balance was slightly eroded by a rise in imports of 0.7%.
Growth in the US economy had been just 0.2% in the first quarter.
In Portugal, the welcome news is that the country experienced growth albeit of 0.2% which was the same as Belgium. These two countries were experienced the lowest advance inthe zone.
Productivity fell in Greece, the only eurozone country with negative figures.
Among the largest eurozone economies France grew at 0.6%, Germany 0.7% and Spain 0.8%. Italy just managed to top Portugal with growth of 0.3%.
In May, the European commission forecast euro area growth of 1.6% in 2016. Eurostat has revised this up to 1.7% and economists believe there could be further upward revision, although some hold this could be dampened if the UK votes to leave the EU.
Some also believe that global economic uncertainties could undermine business and consumer confidence, limit exports and result in lower economic expansion.
