Eurozone Growth at 1.7% in First Quarter; Greece Is the Only Country in Recession

The eurozone economy grew at a rate of 1.7% in the first quarter, while Greece is the only country that experienced a recession.

According to Eurostat‘s first estimate, GDP growth in the Eurozone for the first quarter of the year was at 1.7% on an annual basis and 2% in the EU. Compared with the previous quarter, growth rates stood at 0.5% for both the Eurozone and the EU.

Eurostat figures are disappointing, as Greece is the only country — on the basis of the available data — with a negative sign on GDP, where the first quarter of 2017 recorded a 0.5% decrease compared to the corresponding quarter of 2016. There was also a 0.1% decrease compared to the fourth quarter of 2016.

Strong growth was recorded in Eastern European countries, with countries such as Romania at 5.7%, Czech Republic 2.9% and Poland 3.9%. Analytically, according to data released today by Eurostat, GDP growth rates in the first quarter of 2017 compared to the corresponding quarter of the previous year were as follows:

Romania, at 5.6%
Lithuania and Poland at 4.1%
Latvia, at 3.9%
Hungary, at 3.7%
Bulgaria, at 3.4%
Cyprus, at 3.3%
Slovakia, at 3.1%
Spain, at 3%
Czech Republic, at 2.9%
Portugal and the Netherlands, at 2.8%
Finland, at 2.6%
United Kingdom, at 2.1%
Austria, at 1.9%
Denmark, at 1.8%
Germany, at 1.7%
Belgium, at 1.5%
France and Italy, to 0.8%
Greece, at -0.5%