Eurozone GDP figures - PwC comments
Published at 14:38 PM on 15 May 2014
In response to flash Q1 2014 GDP figures out today, Richard Boxshall, senior economist, PwC, said:
“The latest GDP figures show that there could be a ‘soft core’ developing in the eurozone with some of the larger economies facing headwinds. The data showed French output stagnated in the first quarter of the year and Italian output contracted. By contrast Germany grew by 0.8% in Q1, the fastest rate recorded in the eurozone and on a par with the UK.
“Overall, eurozone growth outstripped the US for the first time since Q1 2011 (partly driven by extreme weather in the US). However, despite this, it still remains around 1% smaller than its pre-crisis peak at the end of 2007. This contrasts with the US, where the economy is bigger by around 6% and the UK, where the economy is smaller by around 0.5%.”
“This is therefore the first quarter since the recession began when the UK has been closer to regaining its pre-crisis peak than the eurozone, despite the UK having suffered a much deeper recession in 2008-9."
Ends
Gill Carson
PwC | Media Relations Manager
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