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 first quarter of 2017, compared with the previous quarter, according to an estimate published by Eurostat, the statistical office of the European Union.

In the fourth quarter of 2016, GDP grew by 0.5% and 0.6% respectively.

Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1.9% in the euro area and by 2.1% in the EU28 in the first quarter of 2017, after +1.8% and +2.0% respectively in the previous quarter.

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During the first quarter of 2017, GDP in the United States increased by 0.3% compared with the previous quarter (after +0.5% in the fourth quarter of 2016). Compared with the same quarter of the previous year, GDP grew by 2.0% (after +2.0% also in the previous quarter).

GDP growth by Member State

Among Member States for which data are available for the first quarter of 2017, Romania (+1.7%), Latvia (+1.6%), Slovenia (+1.5%) and Lithuania (+1.4%) recorded the highest growth compared with the previous quarter, while the United Kingdom (+0.2%) recorded the lowest growth.

GDP components and contributions to growth

During the first quarter of 2017, household final consumption expenditure rose by 0.3% in the euro area and by 0.4% in the EU28 (after +0.4% and +0.5% respectively in the previous quarter). Gross fixed capital formation increased by 1.3% in the euro area and by 1.4% in the EU28 (after +3.4% and +2.5%). Exports rose by 1.2% in the euro area and by 1.0% in the EU28 (after +1.7% and +2.0%). Imports increased by 1.3% in the euro area and by 1.7% in the EU28 (after +3.8% and +2.8%).

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