The FINANCIAL — Seasonally adjusted GDP rose by 0.4% in both the euro area1 (EA19) and the EU28 during the first quarter of 2015, compared with the previous quarter, according to a second estimate published by Eurostat, the statistical office of the European Union. In the fourth quarter of 2014, GDP also grew by 0.4% in both areas.
Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1.0% in the euro area and by 1.5% in the EU28 in the first quarter of 2015, after +0.9% and +1.4% respectively in the previous quarter.
During the first quarter of 2015, GDP in the United States decreased by 0.2% compared with the previous quarter (after an increase of 0.5% in the fourth quarter of 2014). Compared with the same quarter of the previous year, GDP grew by 2.7% (after +2.4% in the previous quarter).
GDP growth by Member State
Among Member States for which data are available for the first quarter of 2015, the Czech Republic (+3.1%), Cyprus and Romania (both +1.6%) recorded the highest growth compared with the previous quarter, followed by Poland (+1.0%), Bulgaria and Spain (both +0.9%), Hungary, Slovenia and Slovakia (all +0.8%). Decreases were registered in Lithuania (-0.6%), Estonia (-0.3%), Greece (-0.2%) and Finland (-0.1%).
GDP components and contributions to growth
During the first quarter of 2015, household3 final consumption expenditure rose by 0.5% in both the euro area and the EU28 (after +0.4% and +0.5 respectively in the previous quarter). Gross fixed capital formation increased by 0.8% in both the euro area and the EU28 (after 0.4% in both zones). Exports rose by 0.6% in both the euro area and the EU28 (after +0.8% and +1.4%). Imports increased by 1.2% in the euro area and by 1.4% in the EU28 (after +0.8% and +1.1%).
Household final consumption expenditure had a positive contribution to GDP growth both in the euro area and the EU28 (+0.3 percentage points). Gross fixed capital formation had also a positive contribution to GDP growth in both areas (+0.2 pp). The contribution of the external balance to GDP growth was negative for both zones, while the contribution of changes in inventories was positive.
