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GDP up by 0.3% in euro area and by 0.4% in EU28

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Staff Writer | September 7, 2016
Europe GDP
Europe   GDP grew by 0.5% in both zones

Seasonally adjusted GDP rose by 0.3% in the euro area (EA19) and by 0.4% in the EU28 during the second quarter of 2016, compared with the previous quarter, according to Eurostat.

In the first quarter of 2016, GDP grew by 0.5% in both zones. Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1.6% in the euro area and by 1.8% in the EU28 in the second quarter of 2016, after +1.7% and +1.9% respectively in the previous quarter.

During the second quarter of 2016, GDP in the United States increased by 0.3% compared with the previous quarter (after +0.2% in the first quarter of 2016). Compared with the same quarter of the previous year, GDP grew by 1.2% (after +1.6% in the previous quarter).

Among Member States for which data are available for the second quarter of 2016, Romania (+1.5%), Hungary (+1.0%), the Czech Republic, Poland and Slovakia (all +0.9%) recorded the highest growth compared with the previous quarter, while GDP remained stable in France, Italy and Finland.

During the second quarter of 2016, household final consumption expenditure rose by 0.2% in the euro area and by 0.4% in the EU28 (after +0.6% and +0.7% respectively in the previous quarter).

Gross fixed capital formation was stable in the euro area and increased by 0.2 % in the EU28 (after +0.4% and +0.1%). Exports rose by 1.1% in both the euro area and in the EU28 (after 0.0% and +0.1%). Imports increased by 0.4% in the euro area and by 0.6% in the EU28 (after -0.1% and +0.1%).

Household final consumption expenditure had a positive contribution to GDP growth in both the euro area and the EU28 (+0.1 and +0.2 percentage points), while the contribution from gross fixed capital formation was neutral in both zones.

The contribution of the external balance to GDP growth was positive for both zones, while the contribution of changes in inventories was negative.

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