EU Economy: Euro zone economy outperforms U.S.

The euro zone economy is having robust growth that outstripped that of the United States and set the stage for a strong 2017, preliminary estimates show.

The gross domestic product of the 19-country euro zone bloc grew by 0.5 percent on the quarter in the first quarter, which translates to annualized growth of 1.8 percent in all of 2017, the European statistics agency Eurostat said. 

The preliminary euro zone figure is much higher than the 0.7 percent annualized growth recorded in the United States in the same quarter, the weakest performance since the first quarter of 2014, according to U.S. estimates. 

The weaker performance of the U.S. economy was a blow for the administration of Donald Trump, who has promised strong growth with a protectionist agenda. 

EU-Digest

Bloomberg.com: European Manufacturing Growth May Have Accelerated in March - by Sheyam Ghieth

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European Manufacturing Growth May Have Accelerated in March - by Sheyam Ghieth

Expansion in European manufacturing probably accelerated for a second month in March, suggesting the economy is gaining momentum and can cope with a U.S. slowdown, a survey of economists shows. Royal Bank of Scotland Group Plc's manufacturing index rose to 55.7 from 55.6 in February, according to the median of 32 estimates in a Bloomberg News survey. A reading above 50 signals growth. European service industries probably grew at the same pace as a month earlier, a separate survey shows.

The economy of the 13 nations that share the euro is increasingly robust after digesting a sales-tax increase in Germany at the beginning of the year. Confidence among executives and consumers rose to a six-year high in March and unemployment fell to a record low.