Euro Area GDP Growth Revised Down in Q4


The Euro Area economy advanced 0.2 percent in the last quarter of 2013, according to the third estimate released by the Eurostat. The final figure comes below a 0.3 percent expansion earlier reported, as growth of exports and imports was revised.

In the EU 28, the GDP rose 0.4 percent compared with the previous quarter, unrevised from the first and second estimates.

Household final consumption expenditure rose by 0.1 percent in both the euro area and the EU-28 (after 0.1 percent and 0.3 percent respectively in the previous quarter). 

Gross fixed capital formation increased by 1.1 percent in both zones (after 0.5 percent in the euro area and 0.7 percent in the EU 28). 

Exports rose by 1.3 percent in the euro area (revised up from 1.2 percent in the previous estimates) and 1.1 percent in the EU 28 (after 0.1 percent and 0.0 percent, respectively in the previous quarter). 

Imports increased by 0.5 percent in the euro area (up from a preliminary 0.4 percent expansion) and by 0.2 percent in the EU-28 (after 0.9 percent and 1.1 percent in the previous quarter).

The contribution of household final consumption expenditure was neutral to GDP growth in the euro area and positive in the EU-28 (+0.1 percentage points). The contribution of gross fixed capital formation was positive in both zones (+0.2 percentage points), while the change in inventories negative (-0.3 percentage points in both zones). The contribution of the external balance was positive due to strong exports. 

Among euro area member states, Netherlands (0.9 percent qoq, up from an initial 0.7 percent estimate), Portugal (0.6 percent, up from a preliminary 0.5 percent), Belgium (0.5 percent qoq) and Germany (0.4 percent qoq) recorded the highest growth rates. 

Over the whole year 2013, the GDP fell by 0.4 percent in the euro area, less than a 0.5 percent contraction initially reported. In the EU 28, the economy advanced 0.1 percent.  

 Euro Area GDP Growth Revised Down in Q4


Eurostat | Joana Taborda | joana.taborda@tradingeconomics.com
4/2/2014 10:59:26 AM