In the second quarter of 2007 and among the Member States for which seasonally adjusted GDP data are available, Latvia (+2.7%) recorded the highest growth rate compared with the previous quarter, followed by Slovakia (+2.4%) and Lithuania (+2.1%).
Growth in household consumption, fall in investment
In the second quarter of 2007, household2 final consumption expenditure increased by 0.5% in the euro area and by 0.6% in the EU27 (after 0.0% and +0.2% in the previous quarter). Investment decreased by 0.2% in the euro area and by 0.1% in the EU27 (after +1.9% in both zones). Exports rose by 0.8% in the euro area and by 0.7% in the EU27 (after +0.8% and +0.9%). Imports increased by 0.5% in the euro area and by 0.4% in the EU27 (after +1.0% and +1.2%).
Among the Member States for which seasonally adjusted expenditure data are available, growth rates of household final consumption ranged from -0.3% in Hungary to +4.2% in Latvia. Growth of gross fixed capital formation varied between -3.0% in Denmark and +10.0% in Luxembourg. Exports grew most strongly in Finland (+4.1%) while Malta (-3.4%) recorded the largest decrease. Imports rose the most in Lithuania (+4.2%) while they fell the most in Denmark (-2.2%).
US GDP up by 0.9%, Japanese GDP down by 0.3%
Among the main partners of the EU, GDP grew by 0.9% in the US in the second quarter of 2007 (after +0.2% in the previous quarter). In Japan GDP fell by 0.3% in the second quarter of 2007 (+0.7% in the previous quarter).
Compared with the second quarter of 2006, GDP rose by 1.9% in the US (+1.5% in the previous quarter) and by 1.7% in Japan (+2.6% in the previous quarter).
