GDP up by 0.2% in euro area and by 0.3% in EU27

GDP increased by 0.2% in the euro area1 (EA17) and by 0.3% in the EU271 during the third quarter of 2011, compared with the previous quarter, according to second estimates released by Eurostat, the statistical office of the European Union. In the second quarter of 2011, growth rates were 0.2% in both zones.

Compared with the third quarter of 2010, seasonally adjusted GDP rose by 1.4% in both the euro area and the EU27, after 1.7% in both zones for the previous quarter.

Variation in components of GDP

During the third quarter of 2011, household2 final consumption expenditure increased by 0.3% in the euro area and by 0.2% in the EU27 (after -0.5% and -0.4% respectively in the previous quarter). Gross fixed capital formation rose by 0.1% in the euro area and by 0.2% in the EU27 (after 0.0% and 0.4%). Exports gained 1.5% in the euro area and 1.2% in the EU27 (after 1.1% and 0.6%). Imports increased by 1.1% in the euro area and by 0.9% in the EU27 (after 0.3% and 0.2%).

US and Japanese GDP

In the United States GDP increased by 0.5% during the third quarter of 2011, after 0.3% in the second quarter of 2011. In Japan GDP rose by 1.5% in the third quarter of 2011, after -0.3% in the previous quarter.

Compared with the third quarter of 2010, GDP gained 1.5% in the United States (after 1.6% in the previous quarter) and fell by 0.2% in Japan (after -1.0%).