STAT/08/30 4 March 2008
First estimates for the fourth quarter of 2007 Euro area GDP up by 0.4% and EU27 up by 0.5% +2.2% and +2.6% respectively compared with the fourth quarter of 2006
Euro area1 (EA13) GDP grew by 0.4% and EU271 GDP by 0.5% in the fourth quarter of 2007, compared with the previous quarter, according to first estimates released by Eurostat, the Statistical Office of the European Communities. In the third quarter of 2007, growth rates were +0.7% in the euro area and +0.8% in the EU27.
Compared with the fourth quarter of 2006, seasonally adjusted GDP rose by 2.2% in the euro area and by 2.6% in the EU27, after +2.6% and +2.9% respectively for the previous quarter.
Private consumption static, growth in investments and exports
During the fourth quarter of 2007, household2 final consumption expenditure decreased by 0.1% in the euro area and increased by 0.1% in the EU27 (after +0.5% and +0.6% in the previous quarter). Investments grew by 0.8% in the euro area and by 0.7% in the EU27 (after +1.2% and +1.4% in the previous quarter). Exports rose by 0.5% in the euro area and by 0.6% in the EU27 (after +2.1% and +2.0%). Imports decreased by 0.4% in the euro area and by 0.2% in the EU27 (after +2.5% and +2.9%).
US GDP up by 0.2%, Japanese GDP up by 0.9%
In the United States GDP increased by 0.2% during the fourth quarter of 2007, after +1.2% in the third quarter of 2007. In Japan GDP grew by 0.9% in the fourth quarter, after +0.3% in the previous quarter.
Compared to the fourth quarter of 2006, GDP rose by 2.5% in the US (after +2.8% in the previous quarter) and by 1.8% in Japan (after +1.9%).
In 2007 GDP grew by 2.6% in the euro area and by 2.9% in the EU27
Over the whole year 2007, GDP grew by 2.6% in the euro area and by 2.9% in the EU27, compared to +2.8% and +3.0% respectively for 2006.
Over the whole year 2007, GDP grew by 2.2% in the US (+2.9% in 2006) and by 2.1% in Japan (+2.4% in 2006).
The euro area (EA13) consisted of 13 Member States up to 31 December 2007: Belgium, Germany, Ireland, Greece, Spain, France, Italy, Luxembourg, the Netherlands, Austria, Portugal, Slovenia and Finland. From 1 January 2008 the euro area (EA15) also includes Cyprus and Malta.The EU27 includes Belgium (BE), Bulgaria (BG), the Czech Republic (CZ), Denmark (DK), Germany (DE), Estonia (EE), Ireland (IE), Greece (EL), Spain (ES), France (FR), Italy (IT), Cyprus (CY), Latvia (LV), Lithuania (LT), Luxembourg (LU), Hungary (HU), Malta (MT), the Netherlands (NL), Austria (AT), Poland (PL), Portugal (PT), Romania (RO), Slovenia (SI), Slovakia (SK), Finland (FI), Sweden (SE) and the United Kingdom (UK).
As part of Eurostat's guidelines for the dissemination of data when the EU or euro area is enlarged, the aggregate data series commented on in this News Release refer to the official composition of the euro area in the most recent quarter for which data is available. Thus News Releases with data for quarters up to Q4 2007 comment on EA13 series, while Releases with data for Q1 2008 onwards will comment on EA15 series.
NPISH (Non-profit institutions serving households) included.Summary quality information:
European quarterly national accounts are compiled in accordance with the European System of Accounts 1995 (ESA95). The first regular estimates of 2007 Q4 GDP growth presented in this release are based on Member States’ data as available, covering 80% of euro area GDP (84% of EU27 GDP). These data are seasonally adjusted according to national adjustment procedures. They are also corrected for working days for Belgium, Germany, Spain, France, Italy, Lithuania, Hungary, the Netherlands, Austria, Poland, Slovenia, Finland, Sweden and the United Kingdom. Seasonally adjusted European aggregates are calculated from seasonally adjusted Member States’ data (indirect seasonal adjustment).
A flash estimation of GDP growth was published in News Release 21/2008 issued on 14 February 2008. This was based on a more limited data set than the one used for the present News Release and, additionally, on flash estimates for some Member States, which have now been revised. The published GDP growth rates for the fourth quarter of 2007 compared to the previous quarter remain unchanged at +0.4% for the euro area and at +0.5% for the EU27 in the present release. Compared to the fourth quarter of 2006, GDP growth that had been estimated at +2.3% in the euro area and +2.6% in the EU27, is revised to +2.2% in the euro area and remains unchanged for the EU27.
With the first regular estimates, euro area and EU27 figures are subject to revision for all quarters for variables in this release. Other variables will be updated with the first release of quarterly employment, scheduled for 17 March 2008. Figures presented in this release may be further revised with the second regular estimate, scheduled for 9 April 2008. This second regular estimate will incorporate additional country data. European legislation requires all EU Member States to send quarterly national accounts (main aggregates) within 70 days after the end of the quarter at the latest, which is between Eurostat's first and second regular quarterly releases.
More data on European quarterly national accounts are available on Eurostat’s website (“Data” / “Economy and Finance” / “National Accounts”). Also there, additional general information on European national accounts is given in the metadata files linked to the data tables.
Issued by: Eurostat Press Office Tim ALLEN Tel: +352-4301 33 444 mailto:eurostat-pressoffice@ec.europa.eu Eurostat news releases on the Internet: http://ec.europa.eu/eurostat For further information on data: Ingo KUHNERT Luis BIEDMA Tel: +352-4301-35 234 +352-4301-34 728 mailto:estat-gdp-query@ec.europa.eu Selected Principal European Economic Indicators: http://ec.europa.eu/eurostat/euroindicators Quarterly growth rates of GDP in volume (based on seasonally adjusted* data)
Percentage change compared to the previous quarter Percentage change compared to the same quarter of the previous year 2007 2007 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 EA13 0.8 0.3 0.7 0.4 3.1 2.4 2.6 2.2 EA15 0.8 0.3 0.8 0.4 3.1 2.4 2.6 2.2 EU27 0.8 0.4 0.8 0.5 3.3 2.7 2.9 2.6 Member States Belgium 0.7 0.6 0.5 0.5 3.0 2.8 2.6 2.4 Bulgaria** : : : : 6.2 6.6 4.5 : Czech Republic 1.6 1.4 1.4 1.9 6.3 6.2 6.1 7.0 Denmark 1.0 -0.7 1.3 0.4 3.9 -0.1 1.5 2.0 Germany 0.6 0.2 0.7 0.3 3.7 2.6 2.5 1.8 Estonia** 1.9 0.9 1.6 0.6 10.1 7.6 6.4 4.5 Ireland 5.8 -1.5 1.4 : 8.1 5.7 3.9 : Greece 1.0 0.9 0.9 0.7 4.3 4.1 3.8 3.6 Spain 1.0 0.9 0.7 0.8 4.1 4.0 3.8 3.5 France 0.6 0.3 0.8 0.3 1.9 1.3 2.2 2.1 Italy 0.3 0.1 0.4 : 2.4 1.8 1.9 : Cyprus 1.2 1.2 1.1 0.7 4.3 4.2 4.7 4.3 Latvia** 2.4 2.8 2.8 : 11.2 11.0 10.9 9.6 Lithuania 1.8 2.1 5.2 -1.0 7.6 7.6 11.6 8.2 Luxembourg 1.7 0.6 0.7 : 5.9 5.6 5.6 : Hungary 0.2 0.0 0.2 0.1 2.6 1.6 1.0 0.6 Malta 1.4 0.2 0.9 : 3.6 3.6 4.3 : Netherlands** 1.0 0.3 1.9 1.2 2.5 2.6 4.2 4.4 Austria 1.0 0.8 0.8 0.7 3.5 3.5 3.4 3.3 Poland 1.6 1.5 1.4 2.0 6.7 6.7 6.0 6.7 Portugal 0.7 0.7 -0.1 0.7 2.0 1.9 1.7 2.0 Romania** : : : : 6.1 5.7 5.7 6.6 Slovenia 1.9 1.2 1.6 : 7.5 6.4 6.3 : Slovakia** 2.4 3.0 3.0 3.3 8.3 9.3 9.4 14.3 Finland 1.3 1.0 0.5 0.9 4.9 4.5 3.9 3.8 Sweden 0.5 0.8 0.6 0.8 3.1 2.8 2.6 2.6 United Kingdom 0.8 0.8 0.7 0.6 3.1 3.2 3.3 2.9 EFTA countries Iceland -0.9 2.2 2.4 : 0.1 2.0 3.8 : Norway 0.7 1.1 1.5 1.3 2.4 3.5 3.6 4.6 Switzerland** 0.7 1.0 0.9 1.0 2.7 3.0 3.0 3.6 Main economic partners United States 0.2 0.9 1.2 0.2 1.5 1.9 2.8 2.5 Japan 1.0 -0.4 0.3 0.9 2.9 1.7 1.9 1.8 :Data not available
*The seasonal adjustment includes a working-day correction for the following Member States: Belgium, Germany, Spain, France, Italy, Lithuania, Hungary, the Netherlands, Austria, Poland, Slovenia, Finland, Sweden and the United Kingdom.
**Percentage change compared to the same quarter of the previous year calculated from non-seasonally adjusted data
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