The Eurozone economy grew 0.5% in the first quarter of 2017. The economy expanded by 1.7% on a year-over-year basis. The euro zone increased its trade surplus with the rest of the world in March with both exports and imports rising.The European Union statistics office Eurostat said on Tuesday the 19-country currency area recorded a 30.9 billion euro (26.4 billion pounds) surplus in March in its goods trade balance with states outside the bloc.
Consumer confidence: the highest level in nearly a decade
The consumer confidence strengthened for a third consecutive month in May to its highest level in nearly a decade, according to the preliminary data from the European Commission.The flash consumer confidence index climbed to -3.3 from April's -3.6. Economists had forecast a score of -3.The latest reading was the highest since July 2007, when the score was -1.9. The corresponding index for the EU edged up to -3.3 from -3.4. The reading was the highest since April 2015, when it was -2.4.
Eurozone inflation accelerated
On a monthly basis, overall consumer prices climbed 0.4 percent in April. Eurozone inflation accelerated as estimated in April, showed the final data from Eurostat. Headline inflation climbed to 1.9 percent from 1.5 percent in March. Inflation has returned to the the European Central Bank's target of 'below, but close to 2 percent.' Core inflation that excludes energy, food, alcohol & tobacco accelerated to 1.2 percent from 0.7 percent in March. The latest level was the highest since September 2013.