Euro area and EU27 GDP up by 0.2%

Euro area (EA16) and EU27 GDP both increased by 0.2% during the first quarter of 2010, compared with the previous quarter, according to second estimates from Eurostat, the statistical office of the European Union. In the fourth quarter of 2009, growth rates were +0.1% in the euro area and +0.2% in the EU27.

7 July 2010, 12:00am

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In comparison with the same quarter of the previous year, seasonally adjusted GDP rose in the first quarter of 2010 by 0.6% in the euro area and by 0.5% in the EU27, after -2.1% and -2.3% respectively in the previous quarter.

In the first quarter of 2010, among Member States for which seasonally adjusted GDP data are available, Ireland(+2.7%) recorded the highest growth rate compared with the previous quarter, followed by Sweden (+1.4%) and Portugal (+1.1%).

In the first quarter of 2010, household final consumption expenditure decreased by 0.1% in both theeuro area and the EU27 (after +0.2% in both zones in the previous quarter). Investments fell by 1.2% in the euro area and by 1.3% in the EU27 (after -1.2% and -1.5% respectively). Exports increased by 2.1% in the euro area and by 2.0% in the EU27 (after +1.8% and +1.9%). Imports rose by 3.8% in the euro area and by 3.4% in the EU27 (after +1.2% and +1.6%).

Among the main partners of the EU, GDP increased by 0.7% in the US in the first quarter of 2010 (+1.4% in the previous quarter). In Japan GDP grew by 1.2% in the first quarter of 2010 (+1.1% in the previous quarter).

Compared with the first quarter of 2009, GDP rose by 2.4% in the US (+0.1% in the previous quarter) and by 4.2% in Japan (-1.4% in the previous quarter).