Mubasher: Final reading released on Thursday indicated that gross domestic product (GDP) rose by 0.4% in the Eurozone and 0.5% in the 28-member European Union (EU28) in the first quarter of 2019.

Such estimates were higher than growth readings of 0.2% and 0.3% in the fourth quarter of last year in the Eurozone and the EU28, respectively the EU statistical office, the Eurostat said.

On an annual basis, GDP in the Eurozone grew by 1.2% in Q1-19, and 1.5% in the EU28, compared with year-on-year growth rates of 1.2% and 1.5% respectively in Q4-18.

In the first quarter, household final consumption expenditure rose by 0.5% in both zones, positively contributing to GDP growth in both areas by 0.3%.

Gross fixed capital formation rose by 1.1% in the Eurozone and 1.3% in the EU28, with 0.2% and 0.3% positive contributions to the GDP in the Eurozone and the EU28 respectively over the three-month period ended March.

Exports also rose by 0.6% in the Eurozone, and they went up by 0.5% in the EU28 between January and March, while imports edged up by 0.4%, and by 1.2% 0.8% in the EU28.

The contribution of the external balance to GDP growth was positive during the quarter for the Eurozone and negative for the EU28, the Eurostat said.

This came along with a negative contribution from changes in the Eurozone inventories, but it was positive for the EU28.

The highest Eurozone growth figures were recorded for the period between January and March in Croatia at 1.8%, Hungary and Poland both at 1.5%, while GDP for Latvia declined by 0.1%.

By 9:35 am GMT, the EUR/USD pair went up by 0.12% to $1.1234.