Euro area (EA15) and EU27 GDP grew by 0.8% in the first quarter of 2008, compared with the previous quarter, according to first estimates released by Eurostat, the Statistical Office of the European Communities. In the fourth quarter of 2007, growth rates were +0.3% in the euro area and +0.5% in the EU27.

Compared with the first quarter of 2007, seasonally adjusted GDP rose by 2.2% in the euro area and by 2.5% in the EU27, after +2.1% and +2.5% respectively for the previous quarter.

Growth in components of GDP

During the first quarter of 2008, household2 final consumption expenditure increased by 0.2% in the euro area and by 0.3% in the EU27 (after -0.1% and +0.1% respectively in the previous quarter). Investments grew by 1.6% in the euro area and by 1.0% in the EU27 (after +1.0% and +1.3%). Exports rose by 1.9% in the euro area and by 1.7% in the EU27 (after +0.3% and +0.7%). Imports increased by 1.8% in the euro area and by 1.1% in the EU27 (after
-0.3% and -0.2%).

US GDP up by 0.2%, Japanese GDP up by 0.8%

In the United States GDP increased by 0.2% during the first quarter of 2008, after +0.1% in the fourth quarter of 2007. In Japan GDP grew by 0.8% in the first quarter, after +0.6% in the previous quarter.

Compared with the first quarter of 2007, GDP rose by 2.5% in the United States (after +2.5% in the previous quarter) and by 1.1% in Japan (after +1.4%).

Summary quality information:

European quarterly national accounts are compiled in accordance with the European System of Accounts 1995 (ESA95). The first regular estimates of 2008 Q1 GDP growth presented in this release are based on Member States’ data as available, covering 97% of euro area GDP (96% 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 68/2008 issued on 15 May 2008. 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 2008 compared with the previous quarter are revised upwards from +0.7% to +0.8% for the euro area and for the EU27 in the present release. Compared with the first quarter of 2007, GDP growth that had been estimated at +2.2% in the euro area and +2.4% in the EU27, remains unchanged in the euro area and is revised to +2.5% for the EU27.