GDP growth in the euro area and EU28
Seasonally adjusted GDP rose by 0.4% in the euro area (EA19) and by 0.5% in the EU28 during the first quarter of 2019, compared with the previous quarter, according to a flash estimate published by Eurostat, the statistical office of the European Union. In the fourth quarter of 2018, GDP had grown by 0.2% in the euro area and by 0.3% in the EU28.
Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1.2% in the euro area and by 1.5% in the EU28 in the first quarter of 2019, after also +1.2% and +1.5% respectively in the fourth quarter 2018.
During the first quarter of 2019, GDP in the United States increased by 0.8% compared with the previous quarter (after +0.5% in the fourth quarter of 2018). Compared with the same quarter of the previous year, GDP grew by 3.2% (after +3.0% in the previous quarter).
Employment growth in the euro area and EU28
The number of employed persons increased by 0.3% in both the euro area and the EU28 in the first quarter of 2019, compared with the previous quarter. In the fourth quarter of 2018, employment had grown by 0.3% in the euro area and 0.2% in the EU28.
Compared with the same quarter of the previous year, employment increased by 1.3% in the euro area and by 1.1% in the EU28 in the first quarter of 2019, after +1.3% and +1.2% respectively in the fourth quarter of 2018.
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, Czechia, 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 definitions
European quarterly national accounts are compiled in accordance with the European System of Accounts 2010 (ESA 2010). They include key policy indicators of GDP and employment.
Gross domestic product (GDP) at market prices measures the production activity of resident production units. Growth rates are based on chain-linked volumes.
Employment covers employees and self-employed working in resident production units (domestic concept). While employment flash estimates are limited to total employment in persons, regular estimates also cover hours worked and industry breakdowns.
Release schedule of main aggregates
Comprehensive estimates of European main aggregates (including GDP and employment) are based on countries regular transmissions and published around 65 and 100 days after the end of each quarter. To improve the timeliness of key indicators, Eurostat also publishes flash estimates for GDP (after around 30 and 45 days) and employment (after around 45 days). Their compilation is based on estimates provided by EU Member States on a voluntary basis.
This news release presents flash estimates for euro area and EU GDP and employment growth after around 45 days.
The GDP estimates of the first quarter 2019 are based on Member States’ data covering 96% of EA19 and 94% of EU28 GDP while employment estimates are based on Member States’ data covering 95% of EA19 and 91% of EU28 total employment.
Revisions and timetable
The reliability of GDP and employment flash estimates was tested by dedicated working groups and revisions of subsequent estimates are continuously monitored. Further information can be found on Eurostat website.
With these flash estimates, euro area and EU employment and GDP figures for earlier quarters are not revised.
A preliminary flash estimate of GDP growth was published in News Release 76/2019 issued on 30 April 2019. This was based on a more limited dataset than the one used for the present News Release and, additionally, on preliminary flash estimates which have now been revised by some Member States. The EA19/EU28 estimates for the last quarter were not revised as presented in the following table:
|Growth rates||To the previous quarter (Q/Q-1)||To the previous year (Q/Q-4)|
|Zone||Euro area||EU28||Euro area||EU28||Euro area||EU28||Euro area||EU28|
All figures presented in this release may be revised with the t+65 regular estimate scheduled for 6 June 2019.