Euro area (EA13) GDP grew by 0.3% and EU27 GDP by 0.5% in the second quarter of 2007, compared with the previous quarter, according to first estimates released by Eurostat, the Statistical Office of the European Communities. In the first quarter of 2007, growth rates were +0.7% in both the euro area and the EU27.

Compared with the second quarter of 2006, seasonally adjusted GDP rose by 2.5% in the euro area and by 2.8% in the EU27, after +3.2% and +3.3% respectively for the previous quarter.

Growth in household consumption, fall in investments

During 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% respectively in the previous quarter). Investments decreased by 0.2% in both the euro area and the EU27 (after +2.0% and +1.9%). Exports rose by 1.1% in the euro area and by 0.7% in the EU27 (after +0.8% in both zones). Imports increased by 0.6% in the euro area and by 0.4% in the EU27 (after +0.9% and +1.0%).

US GDP up by 1.0%, Japanese GDP up by 0.1%

In the United States GDP increased by 1.0% during the second quarter of 2007, after +0.2% in the first quarter of 2007. In Japan GDP grew by 0.1% in the second quarter, after +0.8% in the previous quarter.

Compared to the second quarter of 2006, GDP rose by 1.9% in the US (after +1.5% in the previous quarter) and by 2.3% in Japan (after +2.6%).