FXstreet.com (Barcelona) - Euro Area's economy could be showing sings of recovery, according to the advanced estimation of the first quarter's Gross Domestic Product, which increased somewhat above expectations, as figures by Eurostat show.

According to the advanced estimate, Euro Zone GDP has grown by 0.7% in the first three months of the current year, followingg a 0.4% growth in the previous quarter. This latest increase has taken the markets by surprise, as analysts expected GDP to grow around 0.5%. US GDP has been growing at a 0.1% pace in the latest two quarters.

Year on year, GDP would have grown 2.2%, the same pace as in the previous quarter.