Gross domestic product in the 20-country bloc increased by 0.3% quarter-on-quarter in January-March for a 0.5% year-on-year rise, official data showed today, compared with market expectations that both would expand by 0.2%.
However, a crucial indicator of underlying price pressures slowed, solidifying an already strong case for the European Central Bank to cut interest rates at its meeting on June 6, just as the EU public starts voting in the European Parliament election. Spain's economy grew by 0.7% quarter on quarter, beating analysts' forecasts for 0.4% growth, due to a boost in investment and private consumption.
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