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Germany's economy grew 1.5% in the first quarter Germany's economy grew 1.5% in the first quarter
(40 minutes later)
Germany's economy grew by 1.5% in the first three months of 2011 compared with the previous quarter, much faster than had been expected, according to official figures. Germany's economy grew by a faster-than-expected 1.5% in the first three months of 2011, confirming the two-speed nature of the eurozone economy.
Also on Friday, France announced growth of 1% in the same period, its fastest rate since the second quarter of 2006. All the countries that use the euro are due to report GDP figures on Friday, as well as the eurozone as a whole.
Spain's growth was better than expected at 0.3%, but it is still lagging behind Germany and France. France and Austria both announced growth of 1%, but Italy and Spain lagged behind, with growth of 0.1% and 0.3% respectively.
All of the eurozone countries are due to report GDP figures on Friday. France's growth rate was its fastest since the second quarter of 2006.
Figures earlier in the week showed that German exports and imports had both risen to their highest monthly level since records began in 1950. Italy's growth figure was worse than expected, with the 0.1% rate the same as it was for the last three months of 2010.
Last month, the Italian government cut its growth forecast for the whole of 2011 from 1.3% to 1.1%.
The rise in Spain's growth rate to 0.3% from 0.2% in the previous quarter is more encouraging as the country tries to avoid a third consecutive year of contracting GDP.
It is struggling to deal with an unemployment rate of 21.29%, which is the highest in the industrialised world, as it attempts to recover from the financial crisis and a property slump.
'Very confident''Very confident'
Figures earlier in the week showed that German exports and imports had both risen to their highest monthly level since records began in 1950.
Germany's GDP figures from Destatis showed that domestic demand had been one of the strongest drivers of growth.Germany's GDP figures from Destatis showed that domestic demand had been one of the strongest drivers of growth.
Germany's growth figures were "fantastic", according to Christian Schulz at Berenberg Bank. The country's growth figures were "fantastic", according to Christian Schulz at Berenberg Bank.
"Consumption will become more and more the engine of growth in the future, since unemployment is dropping starkly," he said."Consumption will become more and more the engine of growth in the future, since unemployment is dropping starkly," he said.
"France also expanded robustly. The eurozone core remains the anchor for the entire currency union.""France also expanded robustly. The eurozone core remains the anchor for the entire currency union."
France's economy minister Christine Lagarde said she was now "very confident that the (government) forecast of 2% growth for 2011 can be met".France's economy minister Christine Lagarde said she was now "very confident that the (government) forecast of 2% growth for 2011 can be met".
She added that the manufacturing sector had been a particularly strong driver of growth in France.She added that the manufacturing sector had been a particularly strong driver of growth in France.