Eurozone economy robust in first quarter 2006

The economy of the eurozone was robust in the first quarter of 2006 with the GDP growth at 0.6 percent, the European Commission (EC) said in Brussels on Friday.

"The underlying growth momentum, as measured by the year-on- year growth rate, also edged up to 1.9 percent in the first quarter of 2006, the second-best reading since the beginning of 2001," said the EC in its quarterly economic report.

The executive of the European Union (EU) was thus upbeat over the economic prospect, said such growth creates an environment potentially capable of weathering the negative effects of high oil prices, recent stock market turbulence and the appreciation of the euro.

With business and consumer surveys pointing to a further strengthening of the recovery in April and May, the EC raised the second quarter growth range of the eurozone to between 0.5 percent to 0.9 percent.

Source: Xinhua