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THE EUROZONE ECONOMY grew more slowly than forecast during the first quarter of the year, prompting fears of a slowdown in the nascent economic recovery.
Official figures released by eurostat this morning show that the eurozone grew by 0.2 per cent in the first three months of the year, slower than predictions of up to 0.4 per cent.
In the EU28, growth was up by 0.3 per cent.
The Economic and Social Research Institute has already said that the €2 billion in budget cuts that are planned for this year can be avoided if the economy grows quickly enough, but the latest indicators will act as a warning signal to those hoping to back off austerity.
The Government has also been loudly signalling its intention to deliver a fillup in the form of a tax cut to a weary electorate if the economy continues improving.
GDP increased by 0.9 per cent compared to this time last year in the eurozone, with gains of 1.4 per cent in the EU28.
Dutch disaster
Ireland did not supply figures for the first quarter of the year, along with Greece, Denmark, Croatia, Luxembourg, Malta, Sweden and Slovenia.
The most marked contraction was in The Netherlands, where the economy shrank by 1.4 per cent. In a statement, the Dutch national statistics office blamed the poor perfomance on low natural gas exports caused by the mild winter.
Other economies that failed to expand included Finland, Portugal, Cyprus, Italy and Estonia.
Among the countries that posted strong results, Hungary and Poland both saw their economies expand by 1.1 per cent, while the UK grew by 0.8 per cent, as did Germany.
France was stable with neither losses nor gains.
Minor inflation gains
Seperately, European inflation grew 0.2 per cent during April to stand at 0.7 per cent overall. This compares to a rate of 1.2 per cent a year earlier.
In Ireland, the rate of price increases was 0.4 per cent. The UK saw the highest level of inflation at 1.6 per cent, while at the other end of the table Greek prices remain firmly deflated, at -1.6 per cent.
European Central Bank president Mario Draghi has signalled that he is prepared to take action next month to curb the threat of deflation in the Eurozone.
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Leo is giving a presentation called “The Black & Tans… history’s most misunderstood peacekeepers”
@Patrick Agnew: no one in the comments has mention that arlenes leverage is gone boris johnson has a majority now the only thing that will come from the UK is cuts, austerity and privatisation thats nearly as bad as the Tans usually kills way more too
@Matthew O’Kane: She was thrown under the bus by him but still happily willing to pose for a nice smiley photograph. Spineless muttt
@John kane: Borris tells porkies to suit his agenda.Now he’s where he wants to be all those he made promises to will be phobbed off.Idiots to have believed “one who is economical with the truth” in the first place.
@Matthew O’Kane: On first read of your comment l read it “Arlene’s cleavage is gone…” lol
Question is will Leo shake Michelle O Neills hand.
These two plonkers make me laugh as they meet to shake hands and steal the glory from the hard painstaking work of Simon Coveny and Julian Smith.
@Paul O’Sullivan: Well he is the leader of the political party i.e. FG who claim to have steered Ireland off the rocks and back to the sweetly run machine that it is today.
Boris trying to grab Arlene from under the bus after he pushed her under,Arlene must know her motherland don’t care about her and her creatures anymore,unionism is dying
@nicknack: That would be hard for him to do as Boris is also driving the bus ;)
@Jim Buckley Barrett: schrodinger’s Johnson in every sense of the word!
Now they’ll really start earning their money…
What a way to start a wet windy Monday, having to talk to those two.
Does anyone in Sinn Fein work they appear to be on social media night and day going on with the usual gibberish . Knocking on doors lads is the way to win elections
@jerry slattery: Perhaps their job IS promoting the party on social media? I know FFG pay people to do this.
@john doe: They never???
@jerry slattery: Good man Jerry, top class discourse. I work all day from my home office running my own business and doing a good job at it. Occasionally I look at comments section and participate in favour of my political leanings. I’m voting SF.
Leo vs Bertie? Garett vs Charlie?
@Rúraíocht: All four are mutually exclusive.
A pair of incompetent buffoons due to meet a bunch of crazed uncontrollable sh¡té throwing monkeys. Not a portent for a newsworthy story.
@Keith Mac Suibhne: Whatever one might call Johnson he’s not that… as for the other fella
@Keith Mac Suibhne: If it wasn’t for some of them so called sh¡té throwing monkeys forcing changes and standing upto the British attitude towards Ireland in the past perhaps , then they would all only be shaking Boris Johnson hands and that same buffoon would be telling you what to do…. Eaten bread is soon forgotten.
There’s f all in the kitty could be the main reason for Boris fiscal silence
no one in the comments has mention that arlenes leverage is gone boris johnson has a majority now the only thing that will come from the UK is cuts, austerity and privatisation. The North is gonna face some horrible tory gouging
@Matthew O’Kane: calm down Matthew. They all know what their facing. Those tory cuts and indeed the future Brexit fallout might indeed tax the minds of citizens -including unionists and perhaps the focus might turn back to where it inevitably will – a border poll and a shrinking unionist majority.
@Angela McCarthy: Well I hope you’re right on the Border poll Angela, hurry up with it, and hopefully there will be a 32 county Ireland soon.
The DUP abandoned Borris when he needed support, he was willing to shower them with cash to get it.
Now he doesn’t need the north for anything it will see nothing but cuts going forward.
The DUP are glad to be back in stormont and on the mews because they have become less relevant in the world than ever before.
Tough time’s ahead for NI as the easy cash will dry up and cuts will need to be implemented.
Leo part 2 hide and seek champs
A billion pounds?? They’ll be lucky if he bungs them a voucher for iTunes. Here’s your bus lads..
There you have the first tory cut – cutback on information around funding.
@Angela McCarthy: Well hopefully when they have the Border Poll, and there’s a 32. We wont have to worry about the Tory cuts? That would be good?
He probably thinks will swing the election for him
Great photo of the four on the steps of stormont. Boris and Michelle o Neill could pass as bother and sister!!
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