Investing.com – The euro zone’s economy grew in line with preliminary estimates in the first quarter of 2011, official data showed on Wednesday.
In a report, Eurostat said the euro zone’s gross domestic product rose by a seasonally adjusted 0.8% in the first quarter, unchanged from a preliminary estimate, after rising 0.3% in the preceding quarter.
Year-on-year, euro zone GDP rose at an annualized rate of 2.5% in the first quarter, unchanged from a preliminary estimate, and up from a 2.0% gain the fourth quarter of 2010.
Following the release of the data, the euro was down against the U.S. dollar, with EUR/USD shedding 0.54% to trade at 1.4351.
Meanwhile, European stock markets were broadly lower. The EURO STOXX 50 dropped 0.7%, France’s CAC 40 dipped 0.4%, the FTSE 100 fell 0.5%, while Germany's DAX edged 0.25% lower.
In a report, Eurostat said the euro zone’s gross domestic product rose by a seasonally adjusted 0.8% in the first quarter, unchanged from a preliminary estimate, after rising 0.3% in the preceding quarter.
Year-on-year, euro zone GDP rose at an annualized rate of 2.5% in the first quarter, unchanged from a preliminary estimate, and up from a 2.0% gain the fourth quarter of 2010.
Following the release of the data, the euro was down against the U.S. dollar, with EUR/USD shedding 0.54% to trade at 1.4351.
Meanwhile, European stock markets were broadly lower. The EURO STOXX 50 dropped 0.7%, France’s CAC 40 dipped 0.4%, the FTSE 100 fell 0.5%, while Germany's DAX edged 0.25% lower.