Euro Area GDP Growth Rate Revised Down to -0.3% QoQ
In Q1 of 2013, Euro Area GDP fell by 0.3 percent, down from a previously estimated decrease of 0.2 percent. In spite of downward revision, the economy contracted less than in the previous quarter (-0.6 percent), mainly due to an improvement in inventories and household demand, which, unlike in Q4 of 2012, did not weigh down the overall result.
7/4/2013 11:58:47 AM
During the first quarter of 2013, household final consumption expenditure was flat. Gross fixed capital formation dropped by 1.9 percent after declining 1.5 percent in Q4.
General government expenditure decreased 0.2 percent down from 0.0 percent. Exports were down by 0.9 percent , unchanged from a quarter earlier and imports declined by 1.2 percent also unchanged from the previous quarter.
The annual growth rate was unrevised at -1.1 percent in the January to March period. In Q4 of 2012, the GDP shrank 0.9 percent year-on-year.