Euro Area GDP Growth Confirmed at 0.4%


The Eurozone economy expanded 0.4 percent on quarter in the first three months of 2015, matching preliminary estimates. Household consumption and investment were the main drivers of growth, final figures showed.

In the EU28, the GDP also expanded 0.4 percent on a quarterly basis. 

Household final consumption accounted for 0.3 percentage points of growth both in the euro area and the EU28, rising by 0.5 percent in both zones (after +0.4 percent and +0.5 respectively in the previous quarter).

Gross fixed capital formation accounted for 0.2 pp and grew 0.8 percent in both the euro area and the EU28 (after 0.4 percent in both zones).

The contribution of the external balance was negative for both zones, while the contribution of changes in inventories was positive. Sales rose by 0.6 percent in both the euro area and the EU28 (after +0.8 percent and +1.4 percent). Imports increased by 1.2 percent in the euro area and by 1.4 percent in the EU28 (after +0.8 percent and +1.1 percent).

Among Member States for which data are available for the first quarter of 2015, the Czech Republic (+3.1 percent), Cyprus and Romania (both +1.6 percent) recorded the highest growth compared with the previous quarter, followed by Poland (+1.0 percent), Bulgaria and Spain (both +0.9 percent), Hungary, Slovenia and Slovakia (all +0.8 percent). Decreases were registered in Lithuania (-0.6 percent), Estonia (-0.3 percent), Greece (-0.2 percent) and Finland (-0.1 percent).

Compared with the same quarter of the previous year, the GDP rose by 1.0 percent in the euro area and by 1.5 percent in the EU28 in the first quarter of 2015, after +0.9 percent and +1.4 percent respectively in the previous quarter. 

Eurostat | Joana Taborda | joana.taborda@tradingeconomics.com
6/9/2015 10:12:47 AM