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Eurozone GDP up 0.8% in 1st quarter

The GDP of the 17-nation eurozone grew 0.8 percent in the January to March period from the previous quarter.

The statistical office of the European Union said on Friday that the quarterly increase was the 7th rise in a row.

The 27-nation European Union also recorded growth of 0.8 percent.

Germany, the leader of the European economy, posted a rise of 1.5 percent, thanks to high consumer spending. The country's economy recovered to its level of 2008, before the global financial crisis took place.

France's economy expanded 1.0 percent, and the Netherlands, 0.9 percent.

Portugal's economy, on the other hand, shrank by 0.7 percent, casting a shadow over prospects for economic recovery in the eurozone. Portugal has given up efforts to reconstruct its finances on its own.

Friday, May 13, 2011 21:27 +0900 (JST)