EU27 GDP growth at 0.7%, Cyprus GDP up 1.1%

Euro zone GDP growth grew 0.7% in the first quarter from the fourth quarter, and was up 3.1% year-on-year, EU statistics office Eurostat said.

The figures show an upward revision to provisional figures reported on June 1. Eurostat previously put first quarter growth at 0.6% quarter-on-quarter and 3.0% year-on-year.

Exports were revised to 0.8% from 0.3% and imports rose 1.7%. Government expenditure rose 0.8% and inventories increased by 0.4% of GDP.

In Cyprus GDP grew by 1.1% compared with 4Q06 and by 3.8% compared with 1Q06.

During 1Q07, household final consumption expenditure remained unchanged in the Euro

area and increased by 0.2% in the EU27. Investments grew by 2.4% in the Euro area and

by 2.1% in the EU27.

According to Eurostat, seasonally adjusted industrial production in May 2007 increased by 0.9% MoM in the euro area and by 0.7% MoM in the EU27. On an annual basis, industrial production rose by 2.5% in the euro area and by 2.7% in the EU27. On an annual basis, among Member States for which data were available, industrial production rose in sixteen Member States and fell in four. The highest increase was registered in Slovakia (+17.4% YoY), Poland (+8.1% YoY) and Bulgaria (+6.9% YoY), while the largest decrease was recorded in Denmark (-4.9% YoY), and Finalnd (-2.0% YoY).