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German economic growth picks up Eurozone economic growth loses momentum
(35 minutes later)
German economic growth picked up pace in the first three months of 2014, while France's economy failed to grow, the latest figures show. Eurozone economic growth lost momentum in the first three months of 2014, official figures show, with the growth rate unchanged from the previous quarter at 0.2%.
German gross domestic product (GDP) grew by 0.8%, driven by stronger domestic demand, the country's statistics office said. That was weaker than many economists had expected.
In contrast, growth in the French economy was flat, with an official figure of 0%. German growth picked up pace, with the economy expanding by 0.8%.
That was put down to weak consumer spending and business investment. But France and Italy disappointed. The French economy failed to grow, while Italy's contracted by 0.1%, having only just emerged from recession last year.
Public spending helped to stop the French economy from contracting. Commenting on the eurozone figures, Chris Williamson from the economic research group Markit, said: "Although the economy has now grown for four consecutive quarters, the pace has failed to accelerate to anything other than lacklustre over this period."
In Germany, the statistics agency Destatis, said the mild weather also helped the stronger growth. "The data therefore add to the likelihood of the ECB taking action at its June meeting to inject more stimulus into the economy," he added.
'Going backwards'
Chiara Corsa, from Italy's UniCredit bank, said about Italy that the number was a very weak result.
"It's due to weakness in the industrial sector. We had expected a positive contribution from exports and domestic demand," she said. "Growth has stopped. Even worse, it's going backwards."
France's 0% growth rate was put down to weak consumer spending and business investment.
Public spending helped to prevent it from contracting.
France's statistics agency, INSEE, said that GDP had "levelled off after a small increase" in the last three months of 2013, when the economy grew by 0.2%.
Mild weather
It said that "total domestic demand dropped and contributed negatively to activity".
The statement added that expenditure on food products fell, in particular on tobacco, after the price increase in January.
In Germany, the statistics agency, Destatis, said the mild weather also helped the stronger growth.
"Private households and the government increased spending at the start of the year," the statement said."Private households and the government increased spending at the start of the year," the statement said.
"The trend in investment was also positive, with a sharp increase in investment in both construction and equipment," it added."The trend in investment was also positive, with a sharp increase in investment in both construction and equipment," it added.
France's statistics agency, INSEE, said that GDP had "levelled off after a small increase" in the last three months of 2013, when the economy grew by 0.2%.
It said that "total domestic demand dropped and contributed negatively to activity."
The statement added that expenditure on food products fell, in particular on tobacco after the price increase in January.
Italy's GDP figures were more disappointing as they showed the economy shrinking again. It contracted by 0.1% in the first quarter. It had only just started growing again in the final three months of last year after the worst recession since World War Two.
"This is a very weak result unfortunately," said Chiara Corsa, from Italy's UniCredit bank.
"It's due to weakness in the industrial sector. We had expected a positive contribution from exports and domestic demand," she said. "Growth has stopped, even worse it's going backwards."