Euro Area GDP Growth Confirmed at 0.3%
The Eurozone economy advanced at a slower 0.3 percent on quarter in the three months to September of 2015, compared to a 0.4 percent expansion in the previous period and the lowest performance in a year, figures from the second estimate confirmed. Household consumption was the main driver of growth, offsetting a negative impact from external trade. The European Union GDP expanded 0.4 percent.
12/8/2015 10:13:58 AM
Household final consumption expenditure had a positive contribution to GDP growth both in the euro area and the EU28 (+0.2 and +0.3 percentage points). Gross fixed capital formation was neutral in the euro area (0.0 pp) and had a positive contribution to GDP growth in the EU28 (+0.1 pp). The contribution of the external balance to GDP growth was negative for both zones, while the contribution of changes in inventories was positive.
Household final consumption expenditure rose by 0.4 percent in the euro area and by 0.5 percent in the EU28 (after +0.3 percent and +0.4 percent respectively in the previous quarter). Gross fixed capital formation remained stable in the euro area and rose by 0.3 percent in the EU28 (after +0.1 percent and +0.4 percent). Exports rose by 0.2 percent in the euro area and by 0.3 percent in the EU28 (after +1.6 percent and +1.3 percent). Imports increased by 0.9 percent in the euro area and by 1.4 percent in the EU28 (after +0.9 percent and +0.3 percent).
Among Member States for which data are available for the third quarter of 2015, Romania (+1.4 percent), Croatia (+1.3 percent), Malta (+1.1 percent), Latvia (+1.0 percent), Poland and Slovakia (both +0.9 percent) recorded the highest growth compared with the previous quarter, followed by Spain and Sweden (both +0.8 percent). Decreases were registered in Greece (-0.9 percent), Estonia and Finland (both -0.5 percent) as well as Denmark (-0.1 percent).
On a yearly basis, the euro area economy expanded 1.6 percent and the EU28 grew 1.9 percent.