During the first quarter of 2014, GDP in the United States fell by 0.2% compared with the previous quarter (after +0.7% in the fourth quarter of 2013). Compared with the same quarter of the previous year, GDP rose by 2.0% (after +2.6% in the previous quarter).
GDP growth by Member State
Among Member States for which data are available for the first quarter of 2014, Hungary and Poland (both +1.1%), Denmark (+0.9%), Germany and the United Kingdom (both +0.8%) recorded the highest growth compared with the previous quarter. The Netherlands (-1.4%), Estonia (-1.2%), Cyprus and Portugal (both -0.7%) registered the largest decreases.
GDP components and contributions to growth
During the first quarter of 2014, household final consumption expenditure rose by 0.1% in the euro area and by 0.2% in the EU28 (after 0.0% and +0.1% respectively in the previous quarter). Gross fixed capital formation increased by 0.3% in the euro area and by 0.6% in the EU28 (after +0.9% and +1.0%). Exports rose by 0.3% in the euro area and by 0.4% in the EU28 (after +1.4% and +1.5%). Imports increased by 0.8% in the euro area and by 1.1% in the EU28 (after +0.7% and +0.5%).
Household final consumption expenditure had a positive contribution to GDP growth (+0.1 percentage points) both in the euro area and the EU28, as did gross fixed capital formation (+0.1pp in both zones). The contribution of the external balance to GDP growth was negative (-0.2pp in the euro area and -0.3pp in the EU28). The contribution of changes in inventories was positive (+0.2pp in the euro area and +0.3pp in the EU28).
