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| Eurozone economy grows 0.8% in the first quarter | |
| (40 minutes later) | |
| The economy of the 17 countries that use the euro grew by 0.8% in the first three months of 2011, figures show. | |
| Germany's economy grew by a faster-than-expected 1.5%, and there was a surprisingly strong 0.8% growth from debt-laden Greece. | |
| France and Austria both announced growth of 1%, but Italy and Spain lagged behind, with growth of 0.1% and 0.3% respectively. | France and Austria both announced growth of 1%, but Italy and Spain lagged behind, with growth of 0.1% and 0.3% respectively. |
| Portugal contracted by 0.7% following a 0.6% decline at the end of 2010. | |
| Unemployment | |
| 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. | 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%. | 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. | 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. | 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. | 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. |
| The country'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 growth rate was its fastest since the second quarter of 2006. | |
| 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. |