Euro Area GDP Growth Confirmed at 0.3% in Q2

In the second quarter of 2013, Euro Area seasonally adjusted GDP rose by 0.3 percent qoq in line with preliminary estimates. The rebound from previous quarters' contractions was mainly due to exports which contributed 0.8 percentage points to output.
Eurostat | Nuno Fontes | 9/4/2013 11:09:06 AM
Among European Union Member States, Portugal (+1.1 percent) recorded the highest growth compared with the previous quarter, followed by Germany, Lithuania, Finland and the United Kingdom (all +0.7 percent). Cyprus (-1.4 percent), Slovenia (-0.3 percent), Italy and the Netherlands (both -0.2 percent) registered the largest decreases.

During the second quarter of 2013, household final consumption expenditure rose by 0.2 percent in both the Euro Area and the EU (after -0.2 percent and 0.0 percent respectively in the previous quarter). Gross fixed capital formation increased by 0.3 percent in the euro area and by 0.4 percent in the EU27 (after -2.2 percent and -1.8 percent). 

Exports rose by 1.6 percent in the Euro area, up from a 1.0 percent fall in Q1, and by 1.7 percent in the EU. Imports increased by 1.4 percent in the EA and by 1.2 percent in the European Union.

In both the Euro Area and the EU, household final consumption expenditure contributed positively to GDP growth (+0.1 percentage points in both zones). The contribution of gross fixed capital formation was neutral in the Euro Area and positive (+0.1 pp) in the EU.

Compared with the same quarter of the previous year, seasonally adjusted GDP fell by 0.5 percent in the Euro Area, revised upwards from an early estimate of -0.7 percent.

Euro Area GDP Growth Confirmed at 0.3% in Q2