Today Eurostat released their estimate of Euro area growth for the first quarter of 2011. The economy grew smartly, or 0.8% on the quarter on a seasonally- and working day- adjusted basis. On the face of it, Euro area growth, which is 3.2% on an annualized basis, dwarfs the 1.8% seen in the US economy. Really, though, it's joint German and French growth that tower US Q1 GDP growth.
The growth is mainly in Germany. The periphery is in bad shape. France is showing half the growth of Germany.
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