Seasonally adjusted GDP remained stable in the euro area1 (EA18) and rose by 0.2% in the EU28 during the second quarter of 2014, compared with the previous quarter, according to second estimates published by Eurostat, the statistical office of the European Union. In the first quarter of 2014, GDP grew 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 0.7% in the euro area and by 1.2% in the EU28 in the second quarter of 2014, after +1.0% and +1.4% respectively in the previous quarter, NewEurope reported Saturday.
During the second quarter of 2014, GDP in the United States increased by 1.0% compared with the previous quarter (after -0.5% in the first quarter of 2014). Compared with the same quarter of the previous year, GDP grew by 2.5% (after +1.9% in the previous quarter).
Among member states for which data are available for the second quarter of 2014, Malta (+1.3%), Latvia (+1.0%), Lithuania, Hungary and the United Kingdom (all +0.8%) recorded the highest growth compared with the previous quarter. Romania (-1.0%), Denmark and Cyprus (both -0.3%), Germany and Italy (both -0.2%) registered decreases.
Contributions to Growth
During the second quarter of 2014, household final consumption expenditure rose by 0.3% in the euro area and by 0.4% in the EU28 (after +0.2% and +0.4% respectively in the previous quarter). Gross fixed capital formation decreased by 0.3% in the euro area and by 0.1% in the EU28 (after +0.2% and +0.5%). Exports rose by 0.5% in the euro area and by 0.3% in the EU28 (after +0.1% and +0.5%). Imports increased by 0.3% in the euro area and by 0.4% in the EU28 (after +0.8% and +1.2%).
Household final consumption expenditure had a positive contribution to GDP growth (+0.2 percentage points) in both the euro area and the EU28. Gross fixed capital formation had a negative contribution to GDP growth in the euro area (-0.1pp) and had no influence to the growth of GDP in the EU28 (0.0pp). The contribution of the external balance to GDP growth was positive (+0.1pp) in the euro area and with no influence (0.0 pp) in the EU28. The contribution of changes in inventories was negative (-0.2 pp in the euro area and -0.1pp in the EU28).
