GDP increased by 0.8% in both the euro area (EA17) and the EU27 during the first quarter of 2011, compared with the previous quarter, according to second estimates released by Eurostat, the statistical office of the European Union. In the fourth quarter of 2010, growth rates were +0.3% in the euro area and +0.2% in the EU27.

Compared with the first quarter of 2010, seasonally adjusted GDP increased by 2.5 % in both the euro area and the EU27, after +1.9% and +2.1% respectively in the previous quarter.

Variation in components of GDP

During the first quarter of 2011, household2 final consumption expenditure increased by 0.3% in the euro area and by 0.2% in the EU27 (after +0.3% and +0.2% respectively in the previous quarter). Gross fixed capital formation increased by 2.1% in the euro area and by 1.2% in the EU27 (after 0.0% and -0.2%). Exports grew by 1.8% in the euro area and by 2.2% in the EU27 (after +1.7% in both zones). Imports rose by 1.9% in the euro area and by 1.5% in the EU27 (after +1.3% and +1.6%).

US GDP increased while Japanese GDP decreased

In the United States GDP increased by 0.5% during the first quarter of 2011, after +0.8% in the fourth quarter of 2010. In Japan GDP fell by 0.9% in the first quarter of 2011, after -0.8% in the previous quarter.

Compared with the first quarter of 2010, GDP grew by 2.3% in the United States (after +2.8% in the previous quarter), and decreased by 0.7% in Japan (after +2.4%).

The euro area (EA17) includes Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.