European economy grew faster than U.S.

Although economic growth of Europe was slower than expected in the first quarter of 2014, it was still faster than the U.S. for the first time in 3 years.

In the first quarter the growth in the U.S. was 0.1% as harsh winter weather depressed business investment, housing and exports. During the same period, GDP across the eurozone grew at an annual rate of 0.9%.

Compared with the fourth quarter of 2013, eurozone growth was 0.02%, showing poor performance by big countries like Italy, France, and the Netherlands.

However it confirmed that the revival from the devastating debt crisis is on track, albeit uneven and slow.

The first quarter of 2011 was the last time when the eurozone was growing more strongly than the U.S.

Over the previous quarter, the eurozone's biggest economy, Germany grew by 0.8% and by an annual rate of 2.3%.

European Central Bank under pressure

Due to expectation of improvement in the second quarter, European Central Bank will be under increased pressure to do more so as to help stimulate the economy.

The European Central Bank is already worried about extremely low inflation and has been hinting that a rate cut might be forthcoming when it meets on June 5. The euro has already fallen from about $1.40 in expectation of easier monetary policy to come.