Eurozone Economy Finally Recovers to Pre-Crisis Levels

The eurozone grew more quickly than the US and the UK in the first three months of the year

by Peter Spence, Economics Correspondent

The eurozone “defied pessimism” at the start of the year, as the currency bloc’s economic size finally reached a level it last hit in 2008.

Euro area GDP rose at a surprisingly strong 0.6pc in the three months to March, according to Eurostat. The pace of growth was twice as strong as that witnessed in the final quarter of last year.

While no breakdown of the GDP data was provided, analysts said that euro area economies had benefitted from strong domestic demand. A rebound in household consumption and business investment helped the currency bloc to power ahead.

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