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GDP up by 0.6% in the euro area and by 0.5% in the EU28

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Staff writer ▼ | June 8, 2016
Seasonally adjusted GDP rose by 0.6% in the euro area (EA19) and by 0.5% in the EU28 during the first quarter of 2016, compared with the previous quarter, according to Eurostat.
Hungary street
Europe   Decreases were registered in Hungary, Greece, and Poland
In the fourth quarter of 2015, GDP grew by 0.4% and 0.5% respectively. Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1.7% in the euro area and by 1.8% in the EU28 in the first quarter of 2016, after +1.7% and +2.0% respectively in the previous quarter.

During the first quarter of 2016, GDP in the United States increased by 0.2% compared with the previous quarter (after +0.3% in the fourth quarter of 2015). Compared with the same quarter of the previous year, GDP grew by 2.0% (after +2.0% in the previous quarter).

Among Member States for which data are available for the first quarter of 2016, Romania (+1.6%), Cyprus (+0.9%), Spain, Lithuania, Austria and Slovakia (all +0.8%), Bulgaria and Germany (both +0.7%) recorded the highest growth compared with the previous quarter.

Decreases were registered in Hungary (-0.8%), Greece (-0.5%) and Poland (-0.1%), while GDP in Estonia remained stable.

During the first quarter of 2016, household final consumption expenditure rose by 0.6% in both the euro area and in the EU28 (after +0.3% and +0.4% respectively in the previous quarter).

Gross fixed capital formation increased by 0.8% in the euro area and by 0.5% in the EU28 (after +1.4% and +1.1%). Exports rose by 0.4% in both the euro area and in the EU28 (after +0.7% and +0.8%). Imports increased by 0.7% in the euro area and by 0.9% in the EU28 (after +1.4% in both zones).

Household final consumption expenditure had a positive contribution to GDP growth in both the euro area and the EU28 (+0.3 and +0.4 percentage points), as did gross fixed capital formation (+0.2 pp and +0.1 pp).

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


 

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