Euro Area Slower Growth Confirmed in Q3


In the third quarter of 2013, the GDP in the EU 17 advanced 0.1 percent over the previous quarter, down from 0.3 percent in the previous three-month period, according to second estimates published by Eurostat, hurt by weak exports. EU 28 GDP grew 0.2 percent.

Household final consumption expenditure rose by 0.1 percent in the euro area and by 0.2 percent in the EU 28 (after +0.2 percent in both zones in the previous quarter). Gross fixed capital formation increased by 0.4 percent in the euro area and by 0.6 percent in the EU 28 (after +0.2 percent and +0.3 percent respectively). 

Exports advanced by 0.2 percent in the euro area and remained stable in the EU 28 (after +2.1 percent in both zones). Imports increased by 1.0 percent in the euro area and by 0.9 percent in the EU28 (after +1.6 percent and +1.5 percent). 

In the euro area, household final consumption expenditure had a neutral contribution to GDP growth while in the EU28 it contributed positively (+0.1 percentage points). The contribution of gross fixed capital formation was positive in both zones (+0.1 pp). The positive contribution of changes in inventories (+0.3 pp in the euro area and +0.4 pp in the EU 28) was offset by the negative contribution of external trade (-0.3 pp and -0.4 pp respectively).

Among EU 28 Member States for which data are available for the third quarter of 2013, Romania (+1.6 percent) and Latvia (+1.2 percent) recorded the highest growth compared with the previous quarter, followed by Hungary and the United 
Kingdom (both +0.8 percent). Cyprus (-0.8 percent), the Czech Republic (-0.5 percent), France and Italy (both -0.1 percent) registered decreases. 

Within the euro area, Estonia and Finland recorded the highest growth rates (+0.4 percent), while Cyprus shrank the most over the previous quarter (-0.8 percent). 

Compared with the same quarter of the previous year, seasonally adjusted GDP fell by 0.4 percent in the euro area and rose by 0.1 percent in the EU 28 in the third quarter of 2013, after -0.6 percent and -0.1 percent respectively in the previous quarter. 

Euro Area Slower Growth Confirmed in Q3


Eurostat | Joana Taborda | joana.taborda@tradingeconomics.com
12/4/2013 10:30:35 AM