The eurozone economy grew at its fastest rate in almost two years during the first quarter of 2015 - thanks in part to external factors like low oil prices, and the rolling-out of the ECB's €1.1tn stimulus package.

The economy of the 19-country group grew by 0.4 percent, this was just shy of Reuters' poll of economists which had forecasted 0.5 percent growth.

France recorded stronger than expected numbers - growing by 0.6 percent, twice the rate of the key Germany economy which grew by 0.3 percent.

The French recovery has been driven by consumer spending rather than investment - the country's manufacturing PMI figures and unemployment rates remain stagnant.

France’s finance minister, Michel Sapin welcomed today's news, saying, "This first figure is very encouraging,....Our growth perspectives for 2015 are today clearly comforting."

Meanwhile, Greece continues to struggle and slipped back into recession during the quarter, contracting by 0.2 percent - it also retracted by 0.4 percent in the last three months of 2014.

Italy, the eurozone's third largest economy also grew - expanding by 0.3 percent, but this is after months of contraction and stagnation - the year-on-year growth rate remains flat.

Spain is in recovery mode, growing by 0.9 percent during the quarter, and by 2.6 percent in the last year.

Euro countries in central and eastern Europe also showed strong growth, with Romania's economy growing by 4.2 percent in 12 months.