European economy grows 0.8 percent in Q1

According to the flash estimates released on May 13 by Eurostat, the Statistical Office of the European Communities, in the first quarter of 2011 the gross domestic product (GDP) of the European Union member states (EU-27) rose by 0.8 percent quarter on quarter, though this rate is likely to be revised. In the fourth quarter of 2010, the quarter-on-quarter growth rate was 0.2 percent.
 
In comparison with the same quarter of the previous year, seasonally adjusted GDP in the EU-27 improved in the first quarter of this by 2.5 percent, after a year-on-year increase of 2.2 percent in the previous quarter.
 
Among major economies of the EU-27, in France GDP edged up by one percent quarter on quarter and was up 2.2 percent year on year, while in Germany GDP rose by 1.5 percent over the previous quarter, up by 4.8 percent as compared to Q1 2010. In Italy and Spain, the quarter-on-quarter GDP increases were at 0.1 percent and 0.3 percent respectively, while compared to Q1 2010 growth rates were registered at one percent and 0.8 percent. The UK posted a growth of 0.5 percent over the previous quarter and 1.8 percent year on year.