French, Spanish and Austrian growth beats forecasts, boosting hopes eurozone technical

France’s growth picks up to 0.2%

Newsflash: France’s economic growth has accelerated in the first quarter of this year, beating expectations.

In an encouraging start to eurozone GDP day, French GDP expanded by 0.2% in January-March, a pick-up on the 0.1% growth recorded in October-December.

Economists had only expected growth of 0.1%, so this may bolster hopes that the eurozone has returned to growth.

Household spending helped drive the French economy, statistics body INSEE says, with final domestic demand bouncing back and contributing 0.4 percentage points to growth.

But foreign trade’s contribution to GDP growth fell to zero, with imports rising by 0.2% and exports up by 0.5%.

France Q1 preliminary GDP +0.2% vs +0.1% q/q expected: That's a slight beat on estimates as the French economy posts moderate growth in Q1. Looking at the breakdown:

* Domestic… https://t.co/lpwM6hVcyK | https://t.co/DQvxJaqJS4 | https://t.co/1PJO4L7EKd #forex #trading

— Forex Trading News Center (@center_forex) April 30, 2024

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Here comes the big one, Germany’s GDP report…

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And Europe’s largest economy has returned to growth!

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German GDP expanded by 0.2% in the first quarter of 2024, the Federal Statistical Office (Destatis) reports, beating expectations of 0.1% growth.

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Destatis says this “modest growth” was due to an increase in gross fixed capital formation in construction and in exports, while household consumption fell.

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This follows a deeper-than-first-thought contraction at the end of laast year. Destasis reports that Germany shrank by 0.5% in Q4 2023, worst than the 0.3% previously estimated.

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A mixed GDP release from Germany this morning. The 0.2% growth in Q1 is welcome. But Q4 was revised down by 0.2% to -0.5%.
So we are in fact back where we started……

— Shaun Richards (@notayesmansecon) April 30, 2024

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FLAG – GettyImages-482103773″,”credit”:”Photograph: GETTY IMAGES”}},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Austria’s growth figures are also stronger than expected.

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Austrian GDP expanded by 0.2% in the first quarter of this year, better than the 0.1% which economists forecast.

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This is the first increase in GDP in a year, after the economy shrank by 1.3% in the second quarter of 2023, by 0.3% in Q3 2023, and then stagnated in Q4 last year.

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Growth was driven by private consumer demand, while Austria’s industrial economy remained weak and |”almost stagnated”, think tank WIFO reports, while investment demand declined again.

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Leicht positive Signale für Österreichs Wirtschaft. Wie erwartet stieg BIP in Q1 (+0,2%), wenn auch wenig, dank Konsum. Investitionen bleiben rückläufig, vor allem Bau. Die Industrie bleibt in Rezession, wie von unserem UniCredit Bank Austria EMI angedeutet. pic.twitter.com/bC2AXi21ar

— Stefan Bruckbauer (@S_Bruckbauer) April 30, 2024

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Separately, inflation in Austria has fallen to an average of 3.5% in April, its lowest level since September 2021.

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