(MENAFN) The eurozone and EU economies each recorded a 0.3% increase in GDP for the first quarter of the year, according to data released by Eurostat on Thursday—slightly below analysts' expectations.

Economists had predicted a 0.4% rise in the eurozone's GDP during this period.

Compared to the same quarter last year, the eurozone economy grew by 1.2%, while the EU as a whole expanded by 1.4%, based on Eurostat’s early estimates.

Ireland led quarterly growth among member states with a 3.2% jump, followed by Poland at 0.7%.

On the other end of the spectrum, Slovenia experienced the sharpest quarterly contraction at 0.8%, with Portugal and Hungary also seeing declines of 0.5% and 0.2% respectively.

Seventeen EU countries reported annual GDP growth, while four posted year-on-year contractions.

Slovenia had the steepest annual drop at 0.8%, followed by Austria at 0.7% and Hungary at 0.4%.

Ireland topped the chart in annual growth with a robust 10.9% increase.

The eurozone, or EA20, includes countries that have adopted the euro, whereas the EU27 encompasses all EU member nations.

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