Germany shines as eurozone grows 0.8%

The economies of the 17 countries in the single currency block grew 0.8% in the first three months of 2011, up from 0.3% in Q4, figures released today reveal.

Germany and France saw their economies motor forward during the period as the gulf between the euro power-houses and their crisis-stricken neighbours looks set to deepen. Powering the eurozone's growth in the quarter was Germany, which saw its economy grow at a larger than expected 1.5%, with France and Austria seeing GDP rise 1% and Spain recording growth of 0.3%. Greece recorded a much better than expected growth figure of 0.8%, despite analysts speculating it will default on its debt. Following release of the figures, the euro rose 0.4% against the dollar to $1.430 and 0.5% agai...