EUROSTAT: UE Members first quarter of 2017, Romania +1.7% growth

GDP up by 0.6% in both the euro area and the EU28
+1.9% and +2.1% respectively compared with the first quarter of 2016

Seasonally adjusted GDP rose by 0.6% in both the euro area (EA19) and the EU28 during the first quarter of 2017, compared with the previous quarter, according to an estimate published by Eurostat, the statistical office of the European Union. In the fourth quarter of 2016, GDP grew by 0.5% and 0.6% respectively.
Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1.9% in the euro area and by 2.1% in the EU28 in the first quarter of 2017, after +1.8% and +2.0% respectively in the previous quarter.
During the first quarter of 2017, GDP in the United States increased by 0.3% compared with the previous quarter (after +0.5% in the fourth quarter of 2016). Compared with the same quarter of the previous year, GDP grew by 2.0% (after +2.0% also in the previous quarter).

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GDP growth by Member State
Among Member States for which data are available for the first quarter of 2017, Romania (+1.7%), Latvia (+1.6%), Slovenia (+1.5%) and Lithuania (+1.4%) recorded the highest growth compared with the previous quarter, while the United Kingdom (+0.2%) recorded the lowest growth.

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GDP components and contributions to growth
During the first quarter of 2017, household final consumption expenditure rose by 0.3% in the euro area and by 0.4% in the EU28 (after +0.4% and +0.5% respectively in the previous quarter). Gross fixed capital formation increased by 1.3% in the euro area and by 1.4% in the EU28 (after +3.4% and +2.5%). Exports rose by 1.2% in the euro area and by 1.0% in the EU28 (after +1.7% and +2.0%). Imports increased by 1.3% in the euro area and by 1.7% in the EU28 (after +3.8% and +2.8%).
Household final consumption expenditure had a positive contribution to GDP growth in both the euro area and the EU28 (both +0.2 percentage points – pp) as had gross fixed capital formation (+0.3 pp in both zones). The contribution of the external balance to GDP growth was neutral for the euro area and negative for the EU28. The contribution of changes in inventories was neutral for the euro area and positive for the EU28.

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Geographical information
The euro area (EA19) includes Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.
The European Union (EU28) includes Belgium, Bulgaria, the Czech Republic, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden and the United Kingdom.

Methods and definitions
European quarterly national accounts are compiled in accordance with the European System of Accounts 2010 (ESA 2010).
The estimate of the first quarter of 2017 GDP growth presented in this release is based on Member States’ data as available, covering 97% of EA19 GDP (98% of EU28 GDP).
Household final consumption expenditure includes NPISH (Non-profit institutions serving households).

Revisions and timetable
A flash estimation of GDP growth was published in News Release 82/2017 of 16 May 2017. 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 rates for the first quarter of 2017 compared with the previous quarter, which had been estimated at +0.5% for both the euro area and the EU28, are revised upwards to +0.6% in both zones in the present release. Compared with
the first quarter of 2016, GDP growth, which had been estimated at +1.7% for the euro area and at +2.0% for the EU28 are also revised upwards, to +1.9% for the euro area and +2.1% for the EU28.
A further update of the estimation of main GDP aggregates is planned in July (database release).

Source: EUROSTAT

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