GDP up by 0.4% in both euro area and EU28 

Second estimate for the second quarter of 2015 GDP up by 0.4% in both euro area and EU28 +1.5% and +1.9% respectively compared with second quarter of 2014

Seasonally adjusted GDP rose by 0.4% in both the euro area (EA19) and the EU28 during the second quarter of 2015, compared with the previous quarter, according to a second estimate published by Eurostat, the statistical office of the European Union. In the first quarter of 2015, GDP grew by 0.5% in both areas.

Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1.5% in the euro area and by 1.9% in the EU28 in the second quarter of 2015, after +1.2% and +1.7% respectively in the previous quarter.

During the second quarter of 2015, GDP in the United States increased by 0.9% compared with the previous quarter (after +0.2% in the first quarter of 2015). Compared with the same quarter of the previous year, GDP grew by 2.7% (after +2.9% in the previous quarter).

 

GDP growth by Member State

GDP increased in all Member States for which data are available for the second quarter of 2015, except France where it remained stable. The highest growth compared with the previous quarter was recorded in Latvia (+1.2%), Malta (+1.1%), the Czech Republic, Spain and Sweden (all +1.0%), followed by Greece and Poland (both +0.9%), Slovakia (+0.8%), Estonia, Croatia, Lithuania, Slovenia and the United Kingdom (all +0.7%). The lowest growth rates were registered in the Netherlands, Austria and Romania (all +0.1%).

 

 

GDP components and contributions to growth

During the second quarter of 2015, household final consumption expenditure rose by 0.4% in both the euro area and the EU28 (after +0.5% and +0.6% respectively in the previous quarter). Gross fixed capital formation declined by 0.5% in the euro area and 0.1% in the EU28 (after +1.4% in both zones). Exports rose by 1.6% in both the euro area and the EU28 (after +1.0% in both zones). Imports increased by 1.0% in the euro area and by 0.8% in the EU28 (after +1.5% and +1.6%).

Household final consumption expenditure had a positive contribution to GDP growth both in the euro area and the EU28 (+0.2 and +0.3 percentage points). Gross fixed capital formation had a negative contribution to GDP growth in the euro area (-0.1 pp) and was neutral in the EU28 (0.0 pp). The contribution of the external balance to GDP growth was positive for both zones, while the contribution of changes in inventories was negative.

Geographical information

The euro area (EA19) includes Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.

The European Union (EU28) includes Belgium, Bulgaria, the Czech Republic, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden and the United Kingdom.

Methods and definition

European quarterly national accounts are compiled in accordance with the European System of Accounts 2010 (ESA 2010). The second estimates of second quarter 2015 GDP growth presented in this release are based on Member States’ data as available, covering 98% of euro area GDP (98% of EU28 GDP). Household final consumption expenditure includes NPISH (Non-profit institutions serving households).

Revisions and timetable

A flash estimation of GDP growth was published in News Release 140/2015 issued on 14 August 2015. This was based on a more limited data set than the one used for the present News Release and, additionally, on flash estimates for some Member States, which have now been revised.

The published GDP growth rates for the second quarter of 2015 compared with the previous quarter, which had been estimated at +0.3% for the euro area and +0.4% for the EU28, increases to +0.4% for the euro area and remains unchanged for the EU28 in the present release.

Compared with the second quarter of 2014, GDP growth, which had been estimated at +1.2% for the euro area and +1.6% for the EU28 has been revised upwards to +1.5% for the euro area and +1.9% for the EU28.

Source: Eurostat – GDP up by 0.4% in both euro area and EU28

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