European Union

STAT/10/127

2 September 2010

First estimates for the second quarter of 2010
Euro area and EU27 GDP up by 1.0%

+1.9% in both zones compared with the second quarter of 2009

GDP increased by 1.0% in both the euro area1 (EA16) and the EU271 during the second quarter of 2010, compared with the previous quarter, according to first estimates released by Eurostat, the statistical office of the European Union. In the first quarter of 2010, growth rates were +0.3% in both zones.

Compared with the second quarter of 2009, seasonally adjusted GDP increased by 1.9% in both the euro area and the EU27, after +0.8% and
+0.7% respectively for the previous quarter.





Variation in components of GDP

During the second quarter of 2010, household2 final consumption expenditure increased by 0.5% in both the euro area and the EU27 (after
+0.2% and +0.1% respectively in the previous quarter). Investments increased by 1.8% in the euro area and by 1.7% in the EU27 (after -0.4% and -0.6% respectively). Exports increased by 4.4% in the euro area and by 4.0% in the EU27 (after +2.4% and +2.0%). Imports increased by 4.4% in the euro area and by 4.0% in the EU27 (after +4.0% and +3.6%).

US and Japanese GDP

In the United States GDP increased by 0.4% during the second quarter of 2010, after +0.9% in the first quarter of 2010. In Japan GDP increased by 0.1% in the second quarter of 2010, after +1.1% in the previous quarter.

Compared with the second quarter of 2009, GDP increased by 3.0% in the United States (after +2.4% in the previous quarter) and by 1.9% in Japan (after +4.4%).

* The euro area (EA16) consists of Belgium, Germany, Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.

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).

* 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 2010 Q2 GDP growth presented in this release are based on Member States' data as available, covering 98% of euro area GDP (98% of EU27 GDP). These data are seasonally adjusted (and in most cases also corrected for working days) according to national adjustment procedures. 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 120/2010 issued on 13 August 2010. 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 rate for the second quarter of 2010 compared with the previous quarter which had been estimated at +1.0% for both the euro area and the EU27 remains unchanged in the present release. Compared with the second quarter of 2009, GDP growth that had been estimated at +1.7% for both zones is revised up to +1.9%.

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 15 September 2010. Figures presented in this release may be further revised with the second regular estimate, scheduled for 6 October 2010. 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 ("Statistics Database" /"Database" / "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

Louise CORSELLI-NORDBLAD

Tel: +352-4301 33 444

eurostat-pressoffice@ec.europa.eu

For further information on data:

Jukka JALAVA

Tomas DUCHON

Tel: +352-4301-38 435


+352-4301-32 383

estat-gdp-query@ec.europa.eu

Eurostat news releases on the Internet: ec.europa.eu/eurostat

Selected Principal European Economic Indicators: ec.europa.eu/eurostat/euroindicators

Quarterly 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

2009

2010

2009

2010

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

EA16

0.4

0.2

0.3


1.0


-4.0


-2.0

0.8


1.9

EU27

0.3

0.2

0.3


1.0


-4.3


-2.2

0.7


1.9

Member States

Belgium


1.0

0.4

0.0

0.7


-2.7


-0.1


1.6


2.2

Bulgaria**

:

:

:

:


-5.4


-5.9


-3.6


-1.5

Czech Republic

0.5

0.5

0.3

0.8


-4.4


-3.2

0.9


2.2

Denmark


1.0

0.2

0.7


1.0


-5.3


-2.9


-0.4


2.9

Germany

0.7

0.3

0.5


2.2


-4.4


-2.0


2.0


3.7

Estonia**


-0.2


2.4


-2.0


2.0


-15.6


-9.5


-2.0


3.5

Ireland


-0.2


-2.7


2.7

:


-7.7


-5.6


-0.6

:

Greece


-0.5


-0.8


-0.8


-1.5


-2.5


-2.6


-2.3


-3.5

Spain


-0.3


-0.2

0.1

0.2


-3.9


-3.0


-1.3


-0.1

France

0.3

0.6

0.2

0.6


-2.7


-0.5


1.2


1.7

Italy

0.4


-0.1

0.4

0.4


-4.7


-2.8

0.5


1.1

Cyprus


-0.6


-0.3

0.3

0.4


-2.6


-2.7


-1.4


-0.2

Latvia


-3.8


-1.5

0.3

0.1


-19.3


-16.8


-5.1


-3.9

Lithuania


1.0


1.3


-4.0


3.2


-14.7


-12.5


-2.7


1.4

Luxembourg


4.5


1.2


-0.3

:


-2.2


1.1


2.9

:

Hungary


-0.6

0.0

0.6

0.0


-6.7


-4.7


-1.2

0.1

Malta

0.5


1.0

0.8

:


-1.5

0.7


2.3

:

Netherlands**

0.6

0.6

0.5

0.9


-3.7


-2.2

0.6


2.1

Austria

0.6

0.4

0.0

0.9


-4.0


-2.1

0.2


2.0

Poland

0.7


1.2

0.7


1.1


1.3


2.9


3.1


3.8

Portugal

0.2


-0.1


1.1

0.2


-2.3


-1.0


1.8


1.4

Romania

0.1


-1.5


-0.3

0.3


-7.6


-6.9


-3.2


-1.5

Slovenia

0.4

0.1


-0.1


1.1


-9.4


-6.1


-0.1


1.5

Slovakia


1.2


1.7

0.8


1.2


-5.2


-3.9


4.6


5.0

Finland

0.6


-0.2


-0.4


3.1


-8.3


-5.6


-0.4


3.1

Sweden

0.4

0.5


1.5


1.2


-5.9


-1.5


3.0


3.6

United Kingdom


-0.3

0.4

0.3


1.2


-5.3


-2.9


-0.2


1.7

EFTA countries

Iceland


-5.4

0.7

0.6

:


-10.9


-7.9


-6.8

:

Norway

0.4

0.1

0.2

0.1


-1.1


-1.1


-0.4

0.9

Switzerland

0.7

0.7


1.0

0.9


-1.9


-0.1


1.9


3.4

Main economic partners

United States

0.4


1.2

0.9

0.4


-2.7

0.2


2.4


3.0

Japan


-0.3


1.0


1.1

0.1


-4.9


-1.3


4.4


1.9

: Data not available


* The seasonal adjustment includes a working-day correction for the following Member States: Belgium, the Czech Republic, Germany, Estonia, Spain, France, Italy, Cyprus, Latvia, Lithuania, Hungary, Malta, the Netherlands, Austria, Poland, Slovenia, Slovakia, Finland, Sweden and the United Kingdom.


** Percentage change compared to the same quarter of the previous year calculated from non-seasonally adjusted data