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| Eurozone economic growth loses momentum | Eurozone economic growth loses momentum |
| (35 minutes later) | |
| 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%. | 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%. |
| That was weaker than many economists had expected. | That was weaker than many economists had expected. |
| German growth picked up pace, with the economy expanding by 0.8%. | German growth picked up pace, with the economy expanding by 0.8%. |
| 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. | 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. |
| Spain's economy grew by 0.4% in the first quarter. | |
| 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." | 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." |
| "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. | "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. |
| The BBC's Andrew Walker points out that Greece and Spain have the worst jobless figures, as about one in four of those wanting to work is out of a job. | |
| 'Going backwards' | 'Going backwards' |
| He said that Spain's 0.4% growth was not strong enough for a rebound from a very deep recession and it would take more rapid expansion to create the large numbers of new jobs needed. | |
| He added that Italy and France had unemployment rates in double figures, so the weakening performance in those countries was of particular concern. | |
| Meanwhile, Ashley James from Royal Bank of Canada said: "There is no need to be all doom-and-gloom about this - after all, modest growth is what was expected, and modest growth is what we got - but to attempt to present this in a positive light would be akin to putting lipstick on a pig." | |
| Chiara Corsa, from Italy's UniCredit bank, said about Italy that the number was a very weak result. | 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." | "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. | France's 0% growth rate was put down to weak consumer spending and business investment. |
| Public spending helped to prevent it from contracting. | Public spending helped to prevent it from contracting. |
| Mild weather | Mild weather |
| 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". | 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. | 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. | 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. |