Eurostat: Greece has highest rate of deflation in the European Union

According to data published by Eurostat, Greece had the highest deflation rate in the European Union in April, when the consumer prices index…

According to data published by Eurostat, Greece had the highest deflation rate in the European Union in April, when the consumer prices index dropped by 1.6%, compared to the 1.3% drop in Bulgaria and 0.4% drop in Cyprus.

Overall, the rate of inflation in the Eurozone increased from 0.5% in March to 0.7% in April, while a year ago the rate was 1.2%. In the European Union the rate inflation increased from 0.6% in March to 0.8% in April and was 0.1% a year ago.

The highest rates of inflation amongst European Union members were documented in Austria and Romania (both 1.6%), followed by Finland (1.3%) and Germany (1.1%).

In total, compared to March 2014, the rate of inflation dropped for seven member states, remained unchanged for four and increased for 16 – no data was made available for Great Britain.

Recession still going strong in Cyprus and Greece

The gross domestic product in the Eurozone grew by 0.2% in the first quarter of 2014, while in the European Union the growth rate was 0.3%. Compared to the first trimester of 2013, the seasonally-adjusted GDP increased by 0.9% in the Eurozone and by about 1.4% in the European Union.

The greater growth rates were documented in Romania (3.8%), Poland (3.5%), Hungary (3.2%), Great Britain (3.1%) and Lithuania (2.9%). Conversely, the greatest rates of recession were found in Cyprus (4.1%), Greece (1.1%), Finland (0.8%), Italy (0.5%) and Holland (0.5%).

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