The eurozone economy grew at twice the expected rate during the first three months of the year.
According to Eurostat, the European statistics agency, the gross domestic product (GDP) increased by 0.6% compared to the previous quarter, surpassing the earlier estimation of 0.3% growth.
This stronger-than-expected growth is largely attributed to Ireland’s remarkable performance, with a 9.7% increase in GDP, while Germany, a key economic player, also performed better than anticipated with a 0.4% rise. The Belgian economy similarly grew by 0.4%.
On an annual basis, the eurozone economy expanded by 1.5%.
Additionally, Eurostat’s data indicates that employment in the eurozone rose by 0.2% in the first quarter compared to previous months.
