The Eurozone economy continues to show momentum, with GDP growth hitting its highest level since 2015.
Despite a potentially turbulent year for Europe politically, the continents economy has remained resilient, with growth reaching two-year highs.
According to figures from Eurostat, GDP for the single currency bloc grew by 0.6 percent quarter-on-quarter during the opening three months of 2017.
The U.K was the slowest growing economy of the year, with growth marred by political uncertainty and investor anxiety about Brexit negotiations.
Across the G7 economies, the UK’s economic growth dropped to the bottom of the table, with a disappointing 0.2 percent rate placing it on a par with Italy.
Conversely, Eastern European countries such as Slovenia, Latvia and Romania proved the most buoyant for the quarter with record growth of 1.5 percent.
This follows an equally promising survey by Sentix, which revealed investor confidence in Europe to be at the highest in a decade.
Manfred Huebner, managing director at Sentix, commented on the findings: “The situation in the Eurozone is getting better and better. For the sixth time in a row. Expectations remain positive.”
Similarly, May manufacturing figures revealed a growth across the sector, led predominately by Germany.
The Eurozone’s final factory PMI figure for May stood at 57.0, up from 56.7 in April and its highest level since April 2011, ultimately, above a figure above 50 is indicative of growth.
These latest promising figures on the health of the European economy come just ahead of the scheduled meeting of the European Central Bank (ECB), which will decide whether to alter current interest rates.
ECB President Mario Draghi and Vice-President Vítor Constâncio are set to hold a press conference to discuss monetary policy decisions later today at 14.30PM (GMT).