Eurozone GDP managed a small expansion in the first quarter. Reuters reports:
The euro zone economy made a weak start to 2010 as paltry growth in powerhouses Germany and France weighed, while debt reduction efforts in the region's weaker states look set to puncture hopes of faster expansion in coming quarters...
Quarterly growth for the euro zone overall was 0.2 percent in the January-March period after a flat final quarter of 2009.
Still, global economic recovery is proving quite robust, with even the deflation-prone Japanese economy looking set to continue expanding. Again from Reuters:
Japan's index of leading indicators jumped 4.4 points in March from February, its biggest gain on record, government data showed on Wednesday, as the world's No.2 economy steadily recovers on the back of brisk exports to Asia.
It was the 13th consecutive month of increases in the index, which is compiled using data such as the number of job offers and consumer sentiment and is a barometer of the economy a few months ahead.
The index of coincident economic indicators rose a preliminary 1.1 points, climbing for a full year as the economy's recovery continues.
US trade data for March also suggest that the global economic recovery remains on track. From Bloomberg:
The trade deficit in the U.S. widened in March to the highest level in more than a year as imports climbed faster than exports, adding to evidence of the global recovery from the worst recession in the post-World War II era...
Imports climbed 3.1 percent in March to $188.3 billion, led by a $2.76 billion surge in crude oil purchases and increasing demand for foreign-made automobiles...
Surging growth in emerging Asian and Latin American countries is propelling demand for U.S. goods. Exports increased 3.2 percent to $147.9 billion, reflecting sales of generators, semiconductors and industrial supplies such as petroleum products.