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Business & Economy

Euro area GDP +0.3%, EU28 +0.4%, Cyprus -1%

06 March, 2014

GDP rose by 0.3% in the euro area (EA17) and by 0.4% in the EU28 during the fourth quarter of 2013, compared with the previous quarter, according to second estimates published by the EU statistical office Eurostat. In the third quarter of 2013, GDP grew by 0.1% in the euro area and by 0.3% in the EU28.
Cyprus showed the biggest deceleration in GDP with a negative growth of -1.0% in the fourth quarter, following a -1.1%, -1.7% and -1.6% negative growth in the third, second and first quarters of 2013.
Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 0.5% in the euro area and by 1.1% in the EU28 in the fourth quarter of 2013, after -0.3% and +0.2%, respectively in the previous quarter.
During the fourth quarter of 2013, GDP in the United States grew by 0.8% compared with the previous quarter (after +1.0% in the third quarter of 2013). Compared with the same quarter of the previous year, GDP rose by 2.7% (after +2.0% in the previous quarter).
Over the whole year 2013, GDP fell by 0.5% in the euro area and rose by 0.1% in the EU28.
Among member states for which data are available for the fourth quarter of 2013, Sweden (+1.7%), the Czech Republic (+1.6%), Romania (+1.5%), Lithuania and Slovenia (both +1.2%) recorded the highest growth compared with the previous quarter. Cyprus (-1.0%), Denmark (-0.5%), Finland (-0.3%) and Estonia (-0.1%) registered decreases.
Eurostat said that during the fourth quarter of 2013, household final consumption expenditure rose by 0.1% in the euro area and by 0.2% in the EU28 (after +0.1% and +0.3% respectively in the previous quarter). Gross fixed capital formation increased by 1.1% in the euro area and by 1.4% in the EU28 (after +0.6% and +0.7%). Exports rose by 1.2% in the euro area and by 1.1% in the EU28 (after 0.0% and -0.1%). Imports increased by 0.4% in the euro area and by 0.2% in the EU28 (after +1.0% and +1.1%).
Household final consumption expenditure had a positive contribution to GDP growth (+0.1 percentage points) both in the euro area and the EU28. The contribution of gross fixed capital formation was also positive in both the euro area and in the EU28 (+0.2pp for both zones) as was the external balance (+0.4pp for both zones). The contribution of changes in inventories was negative (-0.3pp for both zones).