Euro zone economy rises 0.2%

The euro zone economy (GDP) grew 0.2 per cent in the first quarter of 2010 compared to the final quarter of last year, statistics office Eurostat said today.

The gross domestic product of the 27 EU states also rose by .0.2 per cent, the same growth rate as the fourth quarter of 2009.

Seasonally adjusted GDP in the euro area rose 0.6 per cent compared with the first quarter of 2009, and by 0.5 per cent in the wider EU area, compared with falls of 2.1 per cent and 2.3 per cent respectively for the previous quarter.

Italy showed the greatest rise in the euro area, increasing 0.5 per cent during the three-month period.

However, the figures were far behind those of the US and Japan, where GDP rose 0.8 per cent and 1.2 per cent respectively compared to the preceeding quarter.

Household spending was down 0.1 per cent throughout the euro area, while investments slipped 1.1 per cent. Exports were up 2.5 per cent, but imports also rose, growing by 4 per cent in the euro area.