Euro-area GDP growth up only 0.2 percent in first quarter of 2014

rfU.S. stock futures are lower on Friday and investors are on edge after the stock market had its worst day on Thursday in over a month following disappointing growth numbers out of the 18 member euro-area in Europe along with weaker U.S. data on housing and industrial production.

According to Eurostat, GDP growth in the euro-area rose only 0.2 percent in the first quarter of 2014, missing the estimate of 0.4 percent and matching the 0.2 percent increase in the fourth quarter of 2013.

Germany, which accounts for 28.6 GDP growth in the euro-area, posted the strongest economic gain in the euro-area with 0.8 percent first quarter GDP growth.

France, the second largest economy in the euro-area which accounts for 21.5 percent of euro-area GDP, saw no growth at all and registered  0.0 percent GDP growth in the first quarter of 2014.  Economists were expecting a modest 0.1 percent increase in first quarter for France.

GDP growth in the EU 28 grew 0.3 percent in the first quarter of 2014.

Later this morning, new U.S. economic data related to housing starts and building permits will be released followed by Michigan sentiment.

 

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