Eurozone's preliminary gross domestic product (GDP) increased by 0.3% in the fourth quarter, exceeding expectations for a 0.2% rise, after a 0.2% gain in the third quarter.

On a yearly basis, Eurozone's preliminary GDP rose by 0.8% in the fourth quarter, exceeding expectations for a 0.8% increase, after a 0.8% gain in the third quarter.

For 2014 as a whole, GDP rose by 1.4% in the European Union. In comparison, the U.S. economy grew at an annual pace of 2.6% in 2014.

Germany's preliminary GDP gained by 0.7% in the fourth quarter, beating forecasts of a 0.3% rise, after a 0.1% increase in the third quarter.

France's preliminary GDP increased by 0.1% in the fourth quarter, in line with expectations, after a 0.3% gain in the previous quarter.