The EU’s economy is out of the woods according to the latest GDP figures released by Eurostat yesterday.

At the same time, inflation is under control and at par with Maltese levels.

New data issued yesterday shows the EU economy during the first quarter of this year registered an annual growth rate of 1.4 per cent, the highest in the last 12 months.

Even more significant is the growth rate registered by the largest economies in the EU, which grew more than the bloc average.

Germany registered growth of 2.3 per cent between January and March, while Poland also registered an impressive 3.2 per cent.

France, the second largest economy in the euro area, is also growing. However with a 0.8 per cent growth rate, it is still under performing when compared to the euro area.

No figures were given about the Maltese economy, with the GDP figures for the first quarter still to be published by the NSO.

On the other hand, Italy has continued to register major difficulties, with its economy shrinking by 0.5 per cent during the first quarter.

Compared to the US economy, which during the first quarter grew by 2.3 per cent, the EU has still some catching up to do.

According to Eurostat, annual inflation in the euro area last April stood at 0.7 per cent, up from 0.5 per cent in March.

Malta’s inflation rate stood at 0.5 per cent, significantly down from 1.4 per cent the previous month.

Malta’s monthly rate of inflation – an average over the last year – stood at 1.9 per cent in April, higher than the 0.2 per cent average registered in the euro area.