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Eurozone GDP Growth Remains Stable

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Eurozone GDP Growth Remains Stable

The headline economic update from the Eurozone this morning takes the form of preliminary Gross Domestic Product (GDP) figures relating to the first quarter of the year. The seasonally adjusted year on year reading is 0.9%, this represents no changeover the previous reading of 0.9% growth and also meets the market consensus 0.9% growth figure.

Quarter on quarter, also seasonally adjusted, the Eurozone GDP growth number for the first quarter of 2014 is 0.2%, again there is no change on the 0.2% experienced in the last quarter of 2013, market consensus was correct in predicting no material change in this 0.2% figure.

On the inflation front there has been an update to the Eurozone Producer Price Index published this morning. The April figure year on year has come in at -1.2%, this represents an increase on the March contraction of -1.6%, markets had anticipated this pick up to -1.2% this month. The PPI number when measured month on month is now reading at -0.1% compared to a fall of -0.2% in March, on this number the market consensus was for a further fall of -0.1%.

Also published this morning have been some other less prominent but nonetheless important Eurozone economic figures. As measured quarter on quarter Government Expenditure in the Eurozone rose 0.3% for the first quarter of this year, this is in comparison to fall of -0.2% the previous quarter, the consensus estimate on this indicator was for a 0.2% increase.

The change in Household Consumption within the Eurozone was announced as being 0.1% quarter on quarter for the first three months of this year. This compares to a market consensus reading of 0.1% which is based on no change from the previous quarters reading.

Finally, the Eurozone Gross Fixed Capital reading for the first quarter of 2014 changed by 0.3% quarter on quarter, this represents a fall from the 1.1% experienced at the end of 2013.

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