Euro area Q1 growth boosted by exports and consumption

Zurich

FIRST-QUARTER growth in the euro area was driven by exports and private consumption.

Gross domestic product rose 0.4 per cent in the three months through March after expanding a revised 0.4 per cent in the previous three months, the European Union's statistics office in Luxembourg said on Tuesday, confirming a May 13 estimate. Household consumption increased 0.5 per cent, investment climbed 0.8 per cent and exports were up 0.6 per cent.

In addition to a drop in the price of oil, a weaker euro due to the European Central Bank's bond-buying programme has helped the bloc's output. ECB president Mario Draghi said last week that record monetary stimulus was filtering through to the economy on schedule, and that despite con…