Euro area GDP grows at an annualized rate of 5.1% in Q1 vs. 5% expected

Euro area economy grew by 5.1% (YoY) in the first quarter.
EUR/USD continues to push higher toward 1.0500 after the data.

Eren Sengezer FXStreet

The data published by Eurostat showed on Tuesday that the seasonally adjusted Gross Domestic Product grew at an annualized rate of 5.1% in the first quarter, compared to the market expectation of 5%.

Further details of the publication revealed that on a quarterly basis, GDP increased by 0.3%. Finally, the Employment Change was up 0.5% in the first quarter as expected.

Market reaction

The shared currency preserves its strength after these data. As of writing, EUR/USD pair was trading at 1.0480, rising 0.5% on a daily basis.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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