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Eurozone Q1 GDP growth confirmed at 2.5%


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Eurozone Q1 GDP growth confirmed at 2.5%

Eurozone economic growth slowed to an annual 2.5% in the first quarter of the year, down from 2.8% in the preceding three-month period and in line with a preliminary flash estimate, as bad weather and strikes dragged on output.

On a quarterly basis, GDP growth fell to 0.4%, also in line with initial estimates, down from 0.7% in the fourth quarter of last year, Eurostat data showed.

Strikes and bad weather hit the construction industry, depressing overall output, said Jack Allen, economist at Capital Economics.

"Without those temporary effects, we estimate that the economy would have expanded by about 0.6% in Q1. And some of the activity that was postponed in the first few months of the year, such as construction projects that were put on hold due to snow, will now take place in Q2," Allen said in a note, adding that second-quarter growth might register a strong reading.

Eurozone industrial production rose 0.5% month over month in March, bouncing back from a revised 0.9% decline in February, separate Eurostat data showed.

The monthly increase was attributed to gains in the production of durable consumer goods, nondurable consumer goods and energy, offset by decreases in the production of capital goods and intermediate goods.

On an annual basis, industrial production grew 3.0% in March, after February's downwardly revised growth of 2.6%.