Eurozone Growth at 1.7% in First Quarter; Greece Is the Only Country in Recession

Tuesday, May 16th, 2017
Last Update: 21:02

The eurozone economy grew at a rate of 1.7% in the first quarter, while Greece is the only country that experienced a recession.

According to Eurostat‘s first estimate, GDP growth in the Eurozone for the first quarter of the year was at 1.7% on an annual basis and 2% in the EU. Compared with the previous quarter, growth rates stood at 0.5% for both the Eurozone and the EU.

Eurostat figures are disappointing, as Greece is the only country — on the basis of the available data — with a negative sign on GDP, where the first quarter of 2017 recorded a 0.5% decrease compared to the corresponding quarter of 2016. There was also a 0.1% decrease compared to the fourth quarter of 2016.

Strong growth was recorded in Eastern European countries, with countries such as Romania at 5.7%, Czech Republic 2.9% and Poland 3.9%. Analytically, according to data released today by Eurostat, GDP growth rates in the first quarter of 2017 compared to the corresponding quarter of the previous year were as follows:

Romania, at 5.6%Lithuania and Poland at 4.1%

Latvia, at 3.9%

Hungary, at 3.7%

Bulgaria, at 3.4%

Cyprus, at 3.3%

Slovakia, at 3.1%

Spain, at 3%

Czech Republic, at 2.9%

Portugal and the Netherlands, at 2.8%

Finland, at 2.6%

United Kingdom, at 2.1%

Austria, at 1.9%

Denmark, at 1.8%

Germany, at 1.7%

Belgium, at 1.5%

France and Italy, to 0.8%

Greece, at -0.5%

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