The eurozone recovery was given a boost as both Italy and France returned to growth.
In the first three months of 2015, the euro region grew by 0.4%, and while slim, this was a faster pace than that experienced in either the US (0.1%) or the UK (0.3%). It was also the most rapid rate in nearly two years.
The Portuguese economy grew at precisely the same rate as the eurozone average. This was below French growth of 0.6% but ahead of Italian at 0.3%.
While economists are heaping praise on France and Italy for pulling their economies out of decline, Portugal’s economy has been in growth for every one of the last four quarters.
Portugal has also demonstrated healthy annual figures. The first quarter of 2015 ended with a 1.4% expansion over the same period in 2014.
The economy in neighbouring Spain is roaring ahead. It closed with first quarter with growth of 0.9% compared to the quarter before and an improvement of 2.6% over January to March 2014.
Observers believe that much of the expansion has been driven by domestic demands, with pressure on consumer spending alleviated somewhat by the fall in energy prices.
Poor Greece did not fare well with a fall in GDP of -0.2% in the first three months. The decline forced the beleaguered country back into recession.
German growth more than halved but at 0.3% was still close to the average.
