GDP and main aggregates estimate for the 2nd quarter of 2017 – GDP up by 0.6% in the euro area and by 0.7% in the EU28 +2.3% and +2.4% respectively compared with 2nd quarter of 2016

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http://maltawinds.com/2017/09/08/gdp-main-aggregates-estimate-2nd-quarter-2017-gdp-0-6-euro-area-0-7-eu28-2-3-2-4-respectively-compared-2nd-quarter-2016/

Seasonally adjusted GDP rose by 0.6% in the euro area (EA19) and by 0.7% in the EU28 during the second quarter of 2017, compared with the previous quarter, according to an estimate published by Eurostat, the statistical office of the European Union. In the first quarter of 2017, GDP grew by 0.5% in both areas.

Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 2.3% in the euro area and by 2.4% in the EU28 in the second quarter of 2017, after +2.0% and +2.1% respectively in the previous quarter.

During the second quarter of 2017, GDP in the United States increased by 0.8% compared with the previous quarter (after +0.3% in the first quarter of 2017). Compared with the same quarter of the previous year, GDP grew by 2.2% (after +2.0% in the previous quarter).

GDP growth by Member State

Among Member States for which data are available for the second quarter of 2017, the Czech Republic (+2.5%), Sweden (+1.7%), Romania (+1.6%) and the Netherlands (+1.5%) recorded the highest growth compared with the previous quarter, while Portugal and the United Kingdom (both +0.3%) recorded the lowest.

GDP components and contributions to growth

During the second quarter of 2017, household final consumption expenditure rose by 0.5% in both the euro area and the EU28 (after +0.4% and +0.5% respectively in the previous quarter). Gross fixed capital formation increased by 0.9% in the euro area and by 1.1% in the EU28 (after -0.3% and +0.2%). Exports rose by 1.1% in the euro area and by 1.0% in the EU28 (after +1.3% and +1.1%). Imports increased by 0.9% in both the euro area and the EU28 (after +0.4% and +0.9%).

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