German Finance Minister Wolfgang Schaeuble speaks during a press conference on the last day of a three-day summit of G7 of finance ministers, in Bari, southern Italy, Saturday, May 13, 2017. (AP Photo/Andrew Medichini) (The Associated Press)
BRUSSELS – Official figures confirm that the economy of the 19-country eurozone grew by a steady, if unspectacular, quarterly rate of 0.5 percent in the first three months of the year.
The update from Eurostat, the EU's statistics agency, also confirmed that the eurozone performed better than the U.S. in the first quarter. The U.S. economy, according to Eurostat, expanded by 0.2 percent.
Of the large majority that have released figures, only Greece showed output declining. Greece has now shrunk for two straight quarters — the technical definition of a recession.
Germany, the eurozone's largest economy, was a key ingredient behind the region's growth, expanding by 0.6 percent. France, the number 2, fared less well, growing by 0.3 percent.
However, a raft of indicators shows France and others picking up momentum.
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