Euro area (EA16) GDP increased by 0.3% and EU27 GDP by 0.5% during the third quarter of 2010, compared with the previous quarter, according to second estimates from Eurostat, the statistical office of the European Union. In the second quarter of 2010, growth rates were +1.0% in both zones.

In comparison with the same quarter of the previous year, seasonally adjusted GDP rose in the third quarter of 2010 by 1.9% in the euro area and by 2.2% in the EU27, after +2.0% in both zones in the second quarter.

In the third quarter of 2010, Sweden (+2.1%) recorded the highest growth rate compared with the previous quarter, followed by Luxembourg (+1.5%) and Poland (+1.3%).

Variation in components of GDP

In the third quarter of 2010, household final consumption expenditure increased by 0.1% in the euro area and by 0.2% in the EU27 (after +0.2% and +0.3% respectively in the previous quarter). Gross fixed capital formation fell by 0.3% in the euro area but rose by 0.3% in the EU27 (after +2.0% and +2.3%). Exports grew by 1.9% in both zones (after +4.4% and +4.1%). Imports gained 1.5% in the euro area and 1.7% in the EU27 (after +4.3% and +3.9%).

US GDP up by 0.6% and Japanese GDP up by 1.1%

Among the main partners of the EU, GDP increased by 0.6% in the US in the third quarter of 2010 (after +0.4% in the previous quarter), and by 1.1% in Japan (after +0.7%).

Compared with the third quarter of 2009, GDP grew by 3.2% in the US (after +3.0% in the previous quarter) and by 5.0% in Japan (after +3.5%).