EURO ZONE

摘要

Revised figures showed that the Euro zone expanded by 1.7% (y-o-y) in Q1 (up from 1.6% in the flash release). This was in line with the Q4 rate. In q-o-q terms, activity accelerated from 0.3% in Q3 to 0.4% in Q4 to 0.6%. Investment, coupled with export growth, helped to support the economy, as did consumption which doubled in pace from 0.3% in Q4 to 0.6%. This partly reflects the boost from lower fuel costs, although this should wear off over 2016. For this reason, many observers and the ECB believe that the pace of activity will slow in the next few quarters (page 28). Industrial output fell for a second straight month in March and y-o-y headline inflation continues to encounter downside pressures. ECB president Mario Draghi has urged policymakers to boost productivity in the area, or risk entrenched stagnation.