GDP in third quarter up by 0.3 % in the Euro Area and by 0.4 % in the EU28

GDP in third quarter up by 0.3 % in the Euro Area and by 0.4 % in the EU28

Seasonally adjusted GDP rose by 0.3 % in the euro area (EA19) and by 0.4 % in the EU28 during the third quarter of 2016, compared with the previous quarter, according to an estimate published by Eurostat, the statistical office of the European Union. In the second quarter of 2016, GDP also grew by 0.3 % and 0.4 % respectively

Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1.7 % in the euro area and by 1.9 % in the EU28 in the third quarter of 2016, after also +1.7 % and +1.9 % respectively in the previous quarter.

During the third quarter of 2016, GDP in the United States increased by 0.8 % compared with the previous quarter (after +0.4 % in the second quarter of 2016). Compared with the same quarter of the previous year, GDP grew by 1.6 % (after +1.3 % in the previous quarter).

GDP 1

GDP growth by Member State

Among Member States for which data are available for the third quarter of 2016, Croatia (+1.7 %), Slovenia (+1.0 %), Greece and Portugal (both +0.8 %) recorded the highest growth compared with the previous quarter, while Lithuania recorded the lowest growth (+0.1 %).

GDP 2

GDP components and contributions to growth

During the third quarter of 2016, household final consumption expenditure rose by 0.3 % in the euro area and by 0.4 % in the EU28 (after +0.2 % and +0.4 % respectively in the previous quarter). Gross fixed capital formation increased by 0.2 % in both zones (after +1.2 % and +1.1 %). Exports rose by 0.1% in both the euro area and the EU28 (after +1.2 % and +1.0 %). Imports increased by 0.2 % in the euro area, while they decreased by 0.1 % in the EU28 (after +1.2 % and +1.3 %).

GDP 3

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

A flash estimation of GDP growth was published on November 15, 2016. This was based on a more limited data set than the one used for the present News Release and, additionally, on flash estimates for some Member States, which have now been revised.

The published GDP growth rates for the third quarter of 2016 compared with the previous quarter, which had been estimated at +0.3 % for the euro area and +0.4 % for the EU28, remain unchanged for both zones in the present release. Compared with the third quarter of 2015, GDP growth, which had been estimated at +1.6 % for the euro area and +1.8 % for the EU28 are revised to +1.7 % and +1.9 % respectively.

http://ec.europa.eu/eurostat/

 


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