Euro Area GDP Up By 0.3% And EU27 GDP Up By 0.2%

GDP increased by 0.3% in the euro area (EA16) and by 0.2% in the EU27 during the fourth quarter of 2010, compared with the previous quarter, according to second estimates released by Eurostat, the statistical office of the European Union.

In the third quarter of 2010, growth rates were +0.3% in the euro area and +0.5% in the EU27.

Compared with the fourth quarter of 2009, seasonally adjusted GDP increased by 2.0% in the euro area and by 2.1% in the EU27, after +1.9% and +2.2% respectively.

Variation in components of GDP

During the fourth quarter of 2010, household final consumption expenditure increased by 0.4% in the euro area and by 0.3% in the EU27 (after +0.1% and +0.2% respectively in the previous quarter).

Gross fixed capital formation declined by 0.6% in the euro area and by 0.8% in the EU27 (after -0.1% and +0.4%). Exports grew by 1.8% in both zones (after +2.2% in both zones). Imports rose by 1.1% in the euro area and by 1.4% in the EU27 (after +1.4% and +1.6%).

United States’ GDP increased while Japanese GDP decreased

In the United States GDP increased by 0.7% during the fourth quarter of 2010, after +0.6% in the third quarter of 2010.

In Japan GDP fell by 0.3% in the fourth quarter of 2010, after +0.8% in the previous quarter.

Compared with the fourth quarter of 2009, GDP grew by 2.7% in the United States (after +3.2% in the previous quarter), and by 2.6% in Japan (after +4.7%).

GDP increased by 1.7% in the euro area and by 1.8% in the EU27 in 2010

Over the whole year 2010, GDP increased by 1.7% in the euro area and by 1.8% in the EU27, compared with -4.1% and -4.2% respectively in 2009.

Over the whole year 2010, GDP increased by 2.8% in the United States (-2.6% in 2009) and by 3.9% in Japan (-6.3% in 2009).