Forexpros – The euro zone’s economy stagnated in the first three months of 2012, unchanged from an initial estimate and in line with expectations, revised data showed on Wednesday.
In a report, Eurostat said that the euro zone’s gross domestic product was flat in the first quarter, in line with expectations and unchanged from a preliminary estimate.
Annualized GDP contracted at a rate of 0.1%, compared to a preliminary flat reading.
During the first quarter, household consumption expenditure was flat, compared to expectations for a 0.1% increase.
Gross fixed capital expenditures fell by 1.4%, compared to expectations for a drop of 1.2%.
Following the release of the data, the euro remained higher against the U.S. dollar, with EUR/USD adding 0.46% to trade at 1.2509.
Meanwhile, European stock markets were sharply higher. The EURO STOXX 50 surged 2.1%, France’s CAC 40 rallied 2%, Germany’s DAX shot up 1.8%, while London’s FTSE 100 jumped 1.35%.
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