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Eurozone Q1 GDP Growth Picks Up

Eurozone economic growth improved further in the first quarter as growth in France, Spain and Italy accelerated from the prior quarter.

Gross domestic product expanded 0.4 percent sequentially in the first quarter, slightly faster than the 0.3 percent growth seen in the fourth quarter of 2014, flash estimates published by Eurostat showed Wednesday. The growth rate matched economists' expectations.

Year-on-year, economic growth improved to 1 percent, in line with forecast, from 0.9 percent in the fourth quarter.

Although the breakdown of Eurozone GDP is not available, it is evident that improved growth was due to strengthened domestic demand, Howard Archer, chief European economist at Capital Economics said.

Improved Eurozone growth and April's exit from deflation will not cause any change in the European Central Bank's quantitative easing program, Archer said.

In the EU28, GDP advanced 0.4 percent from the fourth quarter and 1.4 percent from the same period of last year.

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