Euro Area GDP Growth Confirmed at 0.3%



The Eurozone advanced 0.3 percent on quarter in the last three months of 2014, slightly up from a 0.2 percent expansion in the previous period. The second estimate matched preliminary figures and showed household expenditure was the main driver of growth.

Household expenditure contributed the most to GDP growth (0.2 percent), followed by gross fixed capital formation (0.1 percent). The contribution of the external balance was positive, while changes in inventories weighted down 0.2 percent on growth.   

During the fourth quarter of 2014, both household consumption and investment rose 0.4 percent each (from 0.5 percent and 0.0 percent respectively in the previous quarter). Exports went up 0.8 percent, down from 1.5 percent in the previous period and imports rose 0.4 percent (1.7 percent in Q3).  

Among member states, Germany and Spain reported the highest growth rates (0.7 percent each), while Cyprus (-0.7 percent), Greece (-0.4 percent), Finland (-0.2 percent) and Austria (-0.2 percent) contracted. Italy stalled and France grew a meager 0.1 percent. 

The European Union expanded 0.4 percent in the last three months of 2014, up from a 0.3 percent expansion in the third quarter.

Year-on-year, the GDP rose by 0.9 percent in the Euro Area and by 1.3 percent in the EU 28 in the fourth quarter of 2014, after 0.8 percent and 1.2 percent respectively in the previous period.

Over the whole year 2014, the GDP expanded 0.9 percent in the Euro Area and 1.3 percent in the EU 28, compared to -0.5 percent and 0.0 percent in 2013. 

Euro Area GDP Growth Confirmed at 0.3%


Eurostat | Joana Taborda | joana.taborda@tradingeconomics.com
3/6/2015 10:24:35 AM