The economic recovery across the 19-country Eurozone was better than expected in the opening quarter of this year and outpaced that of the United States, official data showed Wednesday.
The gross domestic product (GDP) growth in the single currency grew by 0.5 percent quarter on quarter between January and March, making the annual growth rate to 1.7 percent, according to a preliminary flash estimate published by Eurostat, the bloc’s statistics agency.
The better-than-expected performance added to the evidence that Eurozone’s recovery has gained momentum, beating that of the United States, whose GDP expanded by 0.7 percent at an annual basis in the first quarter of this year.
PG View: Well of course! Negative rates, QE and the resulting weaker currency is always going to beat-out tighter monetary policy and a stronger currency. Unfortunately, both the U.S. and Europe have borrowed so much prosperity from the future, that sub-2% growth may be the best we can hope for.