The euro area's explosive start for the year remains at its place, with the preliminary GDP reading for the first quarter unrevised at 0.8% in line with expectations and also at 2.5% on the year.

We can see that the expansion was driven by the rally in investments and corporate expansion as the gross fixed capital formation rallied on the quarter by 2.1% following an unchanged quarter that was revised from a contraction of 0.5% which also beat the expected 1.8% rise.

Government spending was also a strong support rising 0.8% on the quarter following a revised drop of 0.1% from a flat reading and was much stronger than 0.1% expected, where seemingly governments continued to support their economies despite the widespread austerity measures enacted to control the fiscal imbalances.

Household spending held at its expansion with 0.3% in line with expectations and the revised performance in the previous quarter from 0.4%.