GDP decreased by 0.3% in both the euro area1 (EA17) and the EU271 during the fourth quarter of 2011, compared with the previous quarter, according to second estimates released by Eurostat, the statistical office of the European Union. In the third quarter of 2011, growth rates were +0.1% in the euro area and +0.3% in the EU27.
Compared with the fourth quarter of 2010, seasonally adjusted GDP rose by 0.7% in the euro area and by 0.9% in the EU27, after +1.3% and +1.4% respectively in the previous quarter.
Variation in components of GDP
During the fourth quarter of 2011, household2 final consumption expenditure decreased by 0.4% in the euro area and by 0.2% in the EU27 (after +0.3% and +0.2% respectively in the previous quarter). Gross fixed capital formation fell by 0.7% in both zones (after -0.3% in both zones). Exports dropped by 0.4% in the euro area and by 0.1% in the EU27 (after +1.4% and +1.3%). Imports decreased by 1.2% in the euro area and by 0.8% in the EU27 (after +0.7% in both zones).
US and Japanese GDP
In the United States GDP increased by 0.7% during the fourth quarter of 2011, after +0.5% in the third quarter of 2011. In Japan GDP dropped by 0.6% in the fourth quarter of 2011, after +1.7% in the previous quarter.
Compared with the fourth quarter of 2010, GDP gained 1.6% in the United States (after +1.5% in the previous quarter) and fell by 1.0% in Japan (after -0.6%).
GDP increased by 1.4% in the euro area and by 1.5% in the EU27 in 2011
Over the whole year 2011, GDP increased by 1.4% in the euro area and by 1.5% in the EU27, compared with +1.9% and +2.0% respectively in 2010.
Over the whole year 2011, GDP increased by 1.7% in the United States (+3.0% in 2010) and contracted by 0.9% in Japan (+4.4% in 2010).
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The euro area (EA17) includes Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.
The EU27 includes Belgium, Bulgaria, the Czech Republic, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden and the United Kingdom.
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NPISH (Non-profit institutions serving households) included.
Summary quality information:
European quarterly national accounts are compiled in accordance with the European System of Accounts 1995 (ESA 95). The second estimates of fourth quarter of 2011 GDP growth presented in this release are based on Member States’ data as available, covering 96% of euro area GDP (97% of EU27 GDP). These data are seasonally adjusted (and in most cases also corrected for working days) according to national adjustment procedures. Seasonally adjusted European aggregates are calculated from seasonally adjusted Member States’ data (indirect seasonal adjustment).
A flash estimation of GDP growth was published in News Release 26/2012 issued on 15 February 2012. This was based on a more limited data set than the one used for the present News Release and, additionally, on flash estimates for some Member States, which have now been revised. The published GDP growth rate for the fourth quarter of 2011 compared with the previous quarter, which had been estimated at -0.3% for both the euro area and the EU27, remains unchanged for both zones in the present release. Compared with the fourth quarter of 2010, GDP growth that had been estimated at +0.7% for the euro area and +0.9% for the EU27 also remains unchanged in both zones.
With the second estimates, euro area and EU27 figures are subject to revision for all quarters for variables in this release. Other variables will be updated with the first release of quarterly employment, scheduled for 15 March 2012. Figures presented in this release may be further revised with the third estimate, scheduled for 3 April 2012. As already announced, this third estimate will only be updated in the Eurostat database and will incorporate additional country data. European legislation requires all EU Member States to send quarterly national accounts (main aggregates) within 70 days after the end of the quarter at the latest, which is between Eurostat's second and third quarterly releases.
More data on European quarterly national accounts are available on Eurostat’s website ("Statistics Database" /“Database” / “Economy and Finance” / “National Accounts”). Also there, additional general information on European national accounts is given in the metadata files linked to the data tables.
Selected Principal European Economic Indicators: http://ec.europa.eu/eurostat/euroindicators Quarterly growth rates of GDP in volume (based on seasonally adjusted* data)
: Data not available * The seasonal adjustment includes a working-day correction for the following Member States: Belgium, Bulgaria, the Czech Republic, Germany, Estonia, Spain, France, Italy, Cyprus, Latvia, Lithuania, Hungary, Malta, the Netherlands, Austria, Poland, Slovenia, Slovakia, Finland, Sweden and the United Kingdom. ** Percentage change compared to the same quarter of the previous year calculated from non-seasonally adjusted data. For Greece, more information can be found on the website of the Greek Statistical Office: *** Growth rates for Austria are calculated using the trend component. (1) Breakdown into 10 divisions according to NACE Rev. 2 (1) Breakdown into 10 divisions according to NACE Rev. 2 (1) Change in inventories includes acquisitions less disposals of valuables. Figures and graphics available in PDF and WORD PROCESSED
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