Euro Area GDP Growth Revised Up


The Eurozone economy expanded 0.4 percent on quarter in the three months to June of 2015, better than an initial estimate of 0.3 percent, boosted by higher exports and resilient consumer spending.

The second estimate from the Eurostat showed household consumption and net external balance contributed positively to growth in both the Euro Area and the European Union while investment dragged it down in the Euro Area. The European Union also expanded 0.4 percent.

During the second quarter of 2015, household final consumption expenditure rose by 0.4 percent in both the euro area and the EU28 (after +0.5 percent and +0.6 percent respectively in the previous quarter). Gross fixed capital formation declined by 0.5 percent in the euro area and 0.1 percent in the EU28 (after +1.4 percent in both zones). Exports rose by 1.6 percent in both the euro area and the EU28 (after +1.0 percent in both zones). Imports increased by 1.0 percent in the euro area and by 0.8 percent in the EU28 (after +1.5 percent and +1.6 percent).

GDP increased in all Member States for which data are available for the second quarter of 2015, except France where it remained stable. The highest growth compared with the previous quarter was recorded in Latvia (+1.2 percent), Malta (+1.1 percent), the Czech Republic, Spain and Sweden (all +1.0 percent), followed by Greece and Poland (both +0.9 percent), Slovakia (+0.8 percent), Estonia, Croatia, Lithuania, Slovenia and the United Kingdom (all +0.7 percent). The lowest growth rates were registered in the Netherlands, Austria and Romania (all +0.1 percent).
Year-on-year, the Eurozone expanded 1.5 percent, better than an initial estimate of 1.2 percent. The European union grew 1.9 percent.


Eurostat | Joana.taborda | joana.taborda@tradingeconomics.com
9/8/2015 10:18:42 AM