BRUSSELS (TIP): The euro zone economy started the year with robust growth that outstripped that of the United States and set the stage for a strong 2017, preliminary estimates showed.
The improving economy may weaken the eurosceptic parties that have gained ground in several European Union states over the past years, many of which have denounced the poor state of their economies and called for ditching the euro and returning to national currencies.
The gross domestic product of the 19-country euro zone bloc grew by 0.5% on the quarter in the first quarter, which translates to annualised growth of 1.8% in all of 2017, the European statistics agency Eurostat said.
The preliminary euro zone figure is much higher than the 0.7% annualised growth recorded in the United States in the same quarter, the weakest performance since the first quarter of 2014, according to U.S. estimates.
The weaker performance of the U.S. economy was a blow for the administration of Donald Trump, who has promised strong growth with a protectionist agenda.
The contrasting data from the U.S. and the euro zone may weaken the French presidential candidate Marine Le Pen, who is calling for tariff barriers to protect the French economy. She faces free-trade supporter Emmanuel Macron in a May 7 runoff, which polls show Macron is likely to win.