1 187/ December 2014 This News Release has been revised following an error in the data for Gross Fixed Capital Formation. This affects both the growth of GFCF and its contribution to GDP growth. All other figures are unaffected. We apologise for any inconvenience this error may have caused. Second estimate for the third quarter of 2014 GDP up by 0.2% in the euro area and up by 0.3% in the EU % and +1.3% respectively compared with the third quarter of 2013 Seasonally adjusted GDP rose by 0.2% in the euro area 1 (EA18) and by 0.3% in the EU28 1 during the third quarter of 2014, compared with the previous quarter, according to a second estimate 2 published by Eurostat, the statistical office of the European Union. In the second quarter of 2014, GDP grew by 0.1% in the euro area and by 0.2% in the EU28. Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 0.8% in the euro area and by 1.3% in the EU28 in the third quarter of 2014, after +0.8% and +1.3% respectively in the previous quarter. During the third quarter of 2014, GDP in the United States increased by 1.0% compared with the previous quarter (after +1.1% in the second quarter of 2014). Compared with the same quarter of the previous year, GDP grew by 2.4% (after +2.6% in the previous quarter). EU28, euro area and United States GDP growth rates % change over the previous quarter 2 EA18 EU28 United States Q1 2005Q2 2005Q3 2005Q4 2006Q1 2006Q2 2006Q3 2006Q4 2007Q1 2007Q2 2007Q3 2007Q4 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3 2013Q4 2014Q1 2014Q2 2014Q3
2 GDP growth by Member State Among Member States for which data are available for the third quarter of 2014, Romania (+1.8%), Poland (+0.9%), Greece, Slovenia and the United Kingdom (all +0.7%) recorded the highest growth compared with the previous quarter. Cyprus (-0.4%), Austria (-0.3%) and Italy (-0.1%) registered decreases. 2.0 EU28, euro area and Member States' GDP growth rates in the third quarter of 2014 % change over the previous quarter Cyprus Austria Italy Germany EA18 Estonia Netherlands Finland EU28 Belgium France Portugal Sweden Bulgaria Czech Republic Lithuania Denmark Spain Latvia Hungary Slovakia Greece Slovenia United Kingdom Poland Romania Ireland, Croatia, Luxembourg and Malta: data not available for the third quarter of GDP components and contributions to growth During the third quarter of 2014, household 3 final rose by 0.5% in the euro area and by 0.6% in the EU28 (after +0.3% and +0.4% respectively in the previous quarter). Gross fixed capital formation decreased by 0.2% in the euro area and increased by 0.1% in the EU28 (after -0.6% and -0.3%). Exports rose by 0.8% in the euro area and by 0.6% in the EU28 (after +1.4% and +1.0%). Imports increased by 1.2% in the euro area and by 1.1% in the EU28 (after +1.3% and +1.0%). Household final had a positive contribution to GDP growth (+0.3 percentage points) both in the euro area and the EU28. Gross fixed capital formation had a neutral contribution to GDP growth both in the euro area and the EU28 (0.0pp). The contribution of the external balance to GDP growth was negative in both zones. The contribution of changes in inventories was neutral in the euro area and positive (+0.1pp) in the EU28.
3 Growth rates of GDP in volume (based on seasonally adjusted* data) Percentage change compared with the previous quarter Percentage change compared with the same quarter of the previous year Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 EA EU Member States Belgium Bulgaria Czech Republic Denmark Germany Estonia Ireland : : Greece Spain France Croatia** : Italy Cyprus Latvia Lithuania Luxembourg : : Hungary Malta : : Netherlands*** Austria Poland Portugal Romania Slovenia Slovakia Finland Sweden United Kingdom Other countries Iceland : : Norway Switzerland United States : Data not available. * The seasonal adjustment does not include a working-day correction for Ireland, Romania, Slovakia, the United Kingdom and Iceland. ** Percentage change compared with the same quarter of the previous year calculated from non-seasonally adjusted data. *** Percentage change compared with the same quarter of the previous year calculated from working-day adjusted data.
4 1. The euro area (EA18) includes Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland. The European Union (EU28) includes Belgium, Bulgaria, the Czech Republic, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden and the United Kingdom. 2. European quarterly national accounts are currently compiled in accordance with the European System of Accounts 2010 (ESA 2010). The second estimates of third quarter of 2014 GDP growth presented in this release are based on Member States data as available, covering 98% of euro area GDP (98% of EU28 GDP). A flash estimation of GDP growth was published in News Release 171/2014 issued on 14 November 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 third quarter of 2014 compared with the previous quarter, which had been estimated at +0.2% for the euro area and +0.3% for the EU28, remain unchanged for both zones in the present release. Compared with the third quarter of 2013 GDP growth, which had been estimated at +0.8% for the euro area and +1.3% for the EU28, also remains unchanged for both zones. More data on European quarterly national accounts are available on Eurostat s website ("Statistics Database" / Database / Economy and Finance / National Accounts ). Additional general information on European national accounts is given in the metadata files linked to the data tables. 3. NPISH (Non-profit institutions serving households) included. Issued by: Eurostat Press Office Tim ALLEN Tel: Eurostat news releases on the internet: For further information on data: Christine GERSTBERGER Tel: Júlio CABEÇA Tel: Selected Principal European Economic Indicators: Follow Eurostat on Twitter:
5 T1 GDP AND EXPENDITURE COMPONENTS PERCENTAGE CHANGE OVER THE PREVIOUS QUARTER AND THE SAME QUARTER OF THE PREVIOUS YEAR SEASONALLY ADJUSTED CHAIN-LINKED VOLUMES GDP Household & NPISH final Government final Gross Fixed Capital Formation Exports Imports t/t-1 EA t/t-1 EU t/t-4 EA t/t-4 EU T2 CONTRIBUTIONS OF EXPENDITURE COMPONENTS TO VARIATION IN GDP (in percentage points) GDP VOLUME VARIATION OVER THE PREVIOUS QUARTER AND THE SAME QUARTER OF THE PREVIOUS YEAR SEASONALLY ADJUSTED Change in Inventories* Household & NPISH final Government final Gross Fixed Capital Formation Exports Imports t/t-1 EA t/t-1 EU t/t-4 EA t/t-4 EU T3 Levels GDP AND EXPENDITURE COMPONENTS THIRD QUARTER IN MILLIONS OF EURO - SEASONALLY ADJUSTED - AT CURRENT PRICES Household & Government final NPISH final Gross Fixed Change in GDP consumption consumption Capital Formation Inventories* expenditure expenditure Domestic Demand Exports Imports External Balance EA EU * Change in inventories includes acquisitions less disposals of valuables.
6 T4a GROSS VALUE ADDED BY INDUSTRY** PERCENTAGE CHANGE AND LEVELS IN MILLIONS OF EURO SEASONALLY ADJUSTED CHAIN-LINKED VOLUMES Total Gross Value Added (A*10) Agriculture, forestry and fishing Industry (mining, manufacturing, electricity, water and waste) of which: Manufacturing Construction Trade, transport, accommodation and food service activities A B, C, D and E C F G, H and I t/t-1 EA t/t-1 EU t/t-4 EA t/t-4 EU Q Q Q Q Q Q3 level EA level EU T4b GROSS VALUE ADDED BY INDUSTRY** PERCENTAGE CHANGE AND LEVELS IN MILLIONS OF EURO SEASONALLY ADJUSTED CHAIN-LINKED VOLUMES Financial and insurance activities Real estate activities Professional and support service activities Administration and other public services Arts, entertainment and other services J K L M and N O, P and Q R, S, T and U t/t-1 EA t/t-1 EU t/t-4 EA t/t-4 EU Q Q Q Q Q Q3 level EA level EU ** Breakdown into 10 industries according to NACE Rev. 2
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