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A slowdown in Germany weighed on the euro zone in the first quarter, but the bloc's economy still grew at its fastest in almost two years as cheap food and fuel boosted spending and a central bank stimulus programme kicked in.
GDP in the 19 countries sharing the euro rose 0.4 per cent quarter-on-quarter for a 1.0 per cent year-on-year rise - just below forecasts in a Reuters poll of economists.
Germany disappoints, France outperforms
Overall, however, growth in Europe's largest, and traditionally export-led, economy Germany slowed more than expected as imports rose more sharply than sales abroad.
That net drag from trade activity was replicated across the bloc as muted global growth curbed export growth despite a weaker euro, Archer said.
Germany's GDP grew 0.3 per cent on the quarter, down from 0.7 per cent in the previous three months and undershooting a consensus forecast of 0.5 per cent in a Reuters poll.
The growth rate was half that of neighbouring France, the bloc's No.2 economy, which expanded by 0.6 per cent, its strongest rate in two years, boosted by a 0.8 per cent rise in consumer spending. Quarterly growth in the euro zone was the strongest since the second quarter of 2013 and marked a steady acceleration over the growth rates of 2014.
The euro zone's third biggest economy Italy grew 0.3 per cent quarter on quarter, slightly more than expected thanks to a pick-up in domestic demand, fuelling hopes of a recovery this year after three years of recession.
