According to the data of the official EU statistics agency, compared to the previous quarter, during the first three months of this year, the economy of the single currency area uniting 20 countries grew by 0.3 percent.
Analysts surveyed by FactSet and Bloomberg had expected the economy to grow 0.1 percent.
The inflation rate in the euro area did not change in April
Inflation in the euro area did not continue to decrease in April, as expected. Consumer prices rose by 2.4 percent compared to the same month last year, Eurostat reported in Luxembourg on Tuesday after the first estimate. In March, the inflation rate was also 2.4 percent.
This is the first time since the beginning of the year that inflation in the euro area has not decreased. In February, inflation reached 2.6 percent, and in January – 2.8 percent. A year ago, inflation was 7 percent. Compared to the previous month, consumer prices rose by 0.6 percent in April.
The European Central Bank (ECB) aims for 2% in the medium term. inflation. The ECB raised interest rates sharply to combat high inflation. However, with inflation falling, interest rates are also expected to fall this year.
