Reduce Expectations of GDP in the Eurozone

According to official data presented this morning, the Eurozone’s economy rebounded less than expected during the first quarter of 2008, increasing doubts about the true situation in these fifteen countries.

Considering the data from Eurostat (Statistical Office of the EU), the Gross Domestic Product within fifteen countries using the euro increased only 0.7% compared to the previous quarter, slightly below the estimated 0.8%.

This change was also noticeable in the annual figures, given that the GDP in the euro zone reached an annual growth of 2.1%, compared with estimates of 2.2% announced last month.

Speaking on these figures, Howard Archer, economist for Global Insight, said that the data are striking, but clarified that these figures were inflated by several factors indicate an economic force that is not real.