Euro area (EA13) and EU27 GDP both grew by 0.6% in the first quarter of 2007, compared with the previous quarter, according to first estimates released by Eurostat, the Statistical Office of the European Communities. In the fourth quarter of 2006, growth rates were +0.9% in both the euro area and the EU27.



Compared with the first quarter of 2006, seasonally adjusted GDP rose by 3.0% in the euro area and by 3.2% in the EU27, after +3.3% and +3.5% respectively for the previous quarter.

Strong growth in investment, household consumption nearly stable

During the first quarter of 2007, household final consumption expenditure decreased by 0.1% in the euro area and remained unchanged in the EU27 (after +0.4% and +0.6% respectively in the previous quarter). Investments grew by 2.5% in the euro area and by 2.6% in the EU27 (after +1.5% and +1.8%). Exports rose by 0.3% in both zones (after +3.5% and +2.9%). Imports increased by 1.6% in the euro area and by 1.3% in the EU27 (after +1.7% and +1.6%).

US GDP up by 0.2%, Japanese GDP up by 0.6%

In the United States GDP increased by 0.2% during the first quarter of 2007, after +0.6% in the fourth quarter of 2006. In Japan GDP grew by 0.6% in the first quarter, after +1.2% in the previous quarter.

Compared to the first quarter of 2006, GDP rose by 1.9% in the US (after +3.1% in the previous quarter) and by 2.2% in Japan (after +2.4%).