Euro area GDP and EU27 GDP up by 0.2%

GDP increased by 0.2% in both the euro area (EA17) and the EU271 during the second quarter of 2011, compared with the previous quarter, according to second estimates released by Eurostat, the statistical office of the European Union. In the first quarter of 2011, growth rates were +0.8% in the euro area and +0.7% in the EU27.

Compared with the second quarter of 2010, seasonally adjusted GDP increased by 1.6% in the euro area and by 1.7% in the EU27, after +2.4% in both zones in the previous quarter.

Variation in components of GDP

During the second quarter of 2011, household final consumption expenditure decreased by 0.2% in the euro area and by 0.1% in the EU27 (after +0.2% and 0.0% respectively in the previous quarter). Gross fixed capital formation increased by 0.2% in the euro area and by 0.4% in the EU27 (after +1.8% and +1.2%). Exports grew by 1.0% in the euro area and by 0.6% in the EU27 (after +2.0% and +2.2%). Imports rose by 0.5% in the euro area and by 0.4% in the EU27 (after +1.5% and +1.4%).

US GDP increased while Japanese GDP decreased

In the United States GDP increased by 0.2% during the second quarter of 2011, after +0.1% in the first quarter of 2011. In Japan GDP fell by 0.3% in the second quarter of 2011, after -0.9% in the previous quarter.

Compared with the second quarter of 2010, GDP grew by 1.5% in the United States (after +2.2% in the previous quarter), and decreased by 0.9% in Japan (after -0.7%).