Eurozone’s Q1 growth exceeds forecasts post-recession

The eurozone economy has demonstrated stronger than anticipated growth in the first quarter of 2024, according to preliminary data released by Eurostat on Tuesday. This growth has been propelled by a resurgence in Germany and a robust expansion in Spain.

The gross domestic product (GDP) saw a quarter-on-quarter increase of 0.3 per cent, resulting in a year-on-year rise of 0.5 per cent, surpassing market predictions, which had forecasted an expansion of 0.2 per cent for both metrics.

However, the GDP figure for the fourth quarter was revised downwards to a negative 0.1 per cent from an initial 0.0 per cent, which indicates that the eurozone experienced a technical recession in the latter half of 2023.