EU first-quarter growth of 0.5% exceeds expectations

The 11 countries of the euro zone and the 15 countries of the European Union showed growth of 0

The 11 countries of the euro zone and the 15 countries of the European Union showed growth of 0.5 per cent in the first quarter of the year from the figure for the last quarter of 1998, official data showed yesterday.

The figures, which showed stronger growth than expected, were published by the EU statistics office, Eurostat. In an estimate on June 14th, Eurostat had put growth in the euro zone at 0.4 per cent and in the EU at 0.3 per cent.

Eurostat said growth in Europe was accelerating, noting that in the fourth quarter growth had been 0.3 per cent up from the figure for the third quarter of last year.