Euroland’s GDP expanded 0.4% in Q1 2015

Euroland's GDP growth of 0.4% in Q1 2015 was almost twice the growth pace experienced (on average) through 2014, though a little weaker than our forecast, and in line with Q4's upwardly revised 0.4% growth pace. 

The Q1 GDP breakdown published today showed accelerating growth in both household and business investment spending and government spending. 

If the forecast for Q2 growth of 0.5% is met, then in the three quarters since H4 2014, the Eurozone economy will have out-performed the US unless the latter manages a Q2 2015 growth rebound of at least 4% annualised.