GDP up by 0.6% in both the euro area and the EU28

GDP up by 0.6% in both the euro area and the EU28

GDP up by 0.6% in both the euro area and the EU28

The FINANCIAL -- Seasonally adjusted GDP rose by 0.6% in both the euro area (EA19) and the EU28 during the third quarter of 2017, compared with the previous quarter, according to an estimate published by Eurostat, the statistical office of the European Union.

In the second quarter of 2017, GDP grew by 0.7% in both areas.

Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 2.6% in both the euro area and the EU28 in the third quarter of 2017, after +2.4% in both zones in the second quarter of 2017.

During the third quarter of 2017, GDP in the United States increased by 0.8% compared with the previous quarter (after also +0.8% in the second quarter of 2017). Compared with the same quarter of the previous year, GDP grew by 2.3% (after +2.2% in the second quarter of 2017).

GDP growth by Member State

Among Member States for which data are available for the third quarter of 2017, Romania (+2.6%), Malta (+1.9%), Latvia (+1.5%) and Poland (+1.2%) recorded the highest growth compared with the previous quarter, while GDP decreased in Denmark (-0.6%) and remained almost stable in Lithuania (+0.1%).

GDP components and contributions to growth

During the third quarter of 2017, household final consumption expenditure rose by 0.3% in the euro area and by 0.5% in the EU28 (after +0.5% in both zones in the previous quarter). Gross fixed capital formation increased by 1.1% in both zones (after +2.2% in the euro area and +2.0% in the EU28). Exports rose by 1.2% in the euro area and by 0.9% in the EU28 (after +1.0% and +1.1%). Imports increased by 1.1% in the euro area and by 1.0% in the EU28 (after +1.7% and +1.4%).

Household final consumption expenditure had a positive contribution to GDP growth in both the euro area and the EU28 (+0.2 and +0.3 percentage points – pp, respectively) as had gross fixed capital formation (+0.2 pp in both zones). The contribution of the external balance to GDP growth was slightly positive for the euro area and neutral for the EU28. The contribution of changes in inventories was positive for both zones.