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Euro area and EU27 GDP up by 0.7%
added: 2007-07-12

Euro area (EA13) and EU27 GDP both grew by 0.7% in the first quarter of 2007, compared to the previous quarter, according to revised estimates from 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.



In comparison with the same quarter of the previous year, seasonally adjusted GDP grew in the first quarter of 2007 by 3.1% in the euro area and by 3.3% in the EU27, after +3.3% and +3.5% respectively in the previous quarter.

In the first quarter of 2007 and among the Member States for which seasonally adjusted GDP data are available, Ireland (+4.7%) recorded the highest growth rate, followed by Greece (+3.2%), Latvia (+2.6%), Slovakia (+2.4%), Estonia and Lithuania (+2.3% each).

Strong growth in investment, household consumption nearly stable

In the first quarter of 2007, household final consumption expenditure remained stable in the euro area and grew by 0.2% in the EU27 (after +0.4% and +0.6% in the previous quarter). Investment grew by 2.4% in the euro area and by 2.1% in the EU27 (after +1.5% and +1.9%). Exports rose by 0.8% in both zones (after +3.3% and +2.9%). Imports increased by 1.7% in the euro area and by 1.6% in the EU27 (after +1.6% and +1.5%).

Among the Member States for which seasonally adjusted expenditure data are available, growth rates of household final consumption ranged from -1.4% in Germany to +5.2% in Estonia. Growth of gross fixed capital formation varied between -2.2% in the Czech Republic and +20.2% in Lithuania. Exports grew most strongly in Slovenia (+4.8%) while Malta (-5.7%) recorded the strongest decrease. Imports rose the most in Latvia (+12.0%) while they fell the most in Malta (-3.4%).

US GDP up by 0.2%, Japanese GDP up by 0.8%

Among the main partners of the EU, GDP grew by 0.2% in the US in the first quarter of 2007 (after +0.6% in the previous quarter). In Japan GDP grew by 0.8% in the first quarter of 2007 (+1.3% in the previous quarter).

Compared to the first quarter of 2006, GDP rose by 1.9% in the US (+3.1% in the previous quarter) and by 2.7% in Japan (+2.4% in the previous quarter).


Source: European Commission

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