Eurozone 1st Quarter growth downgraded to 0.5 per cent

The eurozone economy expanded in early 2016 by slightly less than anticipated last month, but still posted solid growth, official data showed on Friday.

    In the first three months of the year, gross domestic product (GDP) rose by 0.5 per cent compared to the previous quarter, dpa cited the European Union's statistics agency Eurostat . In April, Eurostat had forecasted a 0.6-per-cent expansion. 

    Its updated forecast was still far better than the 0.3-per-cent growth recorded in the euro area in the previous two quarters, and the best result since the start of 2015. On a yearly basis, GDP in the 19-member currency bloc expanded by 1.5 per cent, Eurostat said. 

    Across the entire 28-member bloc, including the nine EU member states not to have adopted the euro currency, GDP rose by 0.5 per cent compared to the previous quarter, and by 1.7 per cent year-on-year.