GDP up by 0.6% in both Euro Area, EU28 in Q1 2017

BRUSSELS — The seasonally adjusted GDP rose by 0.6 percent in both the Euro Area, EA19, and the EU28 during the first quarter of 2017 compared with the previous quarter, according to an estimate published by Eurostat, the statistical office of the European Union, EU. In the fourth quarter of 2016, GDP grew by 0.5 percent and 0.6 percent respectively.

Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1.9 percent in the EA19 and by 2.1 percent in the EU28 in the first quarter of 2017, after increasing by 1.8 percent and 2 percent respectively during the previous quarter.

During the first quarter of 2017, GDP in the United States increased by 0.3 percent compared with the previous quarter, after increasing 0.5 percent in the fourth quarter of 2016. Compared with the same quarter of the previous year, GDP grew by 2 percent, after also increasing by 2 percent in the previous quarter.

Among EU member states where data is available for the first quarter of 2017, Romania’s GDP increased by 1.7 percent, Latvia by 1.6 percent, Slovenia by 1.5 percent and Lithuania by 1.4 percent, recording the highest growth compared with the previous quarter, while the United Kingdom, with 0.2 percent, recorded the lowest growth. During the first quarter of 2017, household final consumption expenditure rose by 0.3 percent in the EA19 and 0.4 percent in the EU28, after increasing 0.4 percent and 0.5 percent respectively in the previous quarter. Gross fixed capital formation increased by 1.3 percent in the EA19 and 1.4 percent in the EU28, after increasing by 3.4 percent and 2.5 percent respectively. Exports rose by 1.2 percent in the EA19 and 1 percent in the EU28, after increasing by 1.7 percent and 2 percent. Imports increased by 1.3 percent in the EA19 and 1.7 percent in the EU28, after increasing by 3.8 percent and 2.8 percent respectively.

Household final consumption expenditure had a positive contribution to GDP growth in both the EA19 and the EU28, with both increasing by 0.2 percentage points, pp, as well as gross fixed capital formation by 0.3 pp in both zones. The contribution of the external balance to GDP growth was neutral for the EA19 and negative for the EU28. The contribution of changes in inventories was neutral for the EA19 and positive for the EU28.

Source: Emirates News Agency

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