STAT/06/135

11 October 2006

Second estimate for the second quarter of 2006
Euro area and EU25 GDP up by 0.9%
+2.7% and +2.9% respectively compared to the second quarter of 2005

Euro area1 and EU25 GDP grew by 0.9% in the second quarter of 2006 according to revised estimates from Eurostat, the Statistical Office of the European Communities. In the first quarter of 2006, growth rates were +0.8% in both zones.

In comparison with the same quarter of the previous year, GDP in the second quarter of 2006 grew by 2.7% in the euro area and by 2.9% in the EU25, after +2.2% and +2.4% respectively in the previous quarter.

In the second quarter of 2006 and among the Member States for which seasonally adjusted GDP data are available, Estonia and Slovenia (+2.8% each) recorded the highest growth rate, followed by Latvia and Malta (+2.6% each).

Strong growth in investment

In the second quarter of 2006, household2 final consumption expenditure grew by 0.3% in the euro area and by 0.4% in the EU25 (after +0.7% in both zones in the previous quarter). Investment grew by 2.1% in the euro area and by 1.8% in the EU25 (after +1.0% and +1.3%). Exports rose by 1.2% in the euro area and by 1.9% in the EU25 (after +3.6% and +4.3%). Imports increased by 1.2% in the euro area and by 1.7% in the EU25 (after +2.7% and +3.7%).

Among the Member States for which seasonally adjusted expenditure data are available, growth rates of household final consumption ranged from -0.4% in Germany to +4.1% in Latvia. Growth of gross fixed capital formation varied between -2.5% in Portugal and +4.5% in Poland. Exports grew most strongly in Greece (+8.5%) while Spain (-1.3%) recorded the strongest decrease. Imports rose the most in Denmark and Slovakia (+3.6% each) while they fell the most in Portugal (-3.1%).

US GDP up by 0.6%, Japanese GDP up by 0.2%

Among the main partners of the EU, GDP grew by 0.6% in the US in the second quarter of 2006 (after +1.4% in the first quarter of 2006). In Japan GDP grew by 0.2% in the second quarter of 2006 (+0.8% in the previous quarter).

Compared to the second quarter of 2005, GDP rose by 3.5% in the US (+3.7% in the previous quarter) and by 2.5% in Japan (+3.4% in the previous quarter).

Growth rates of GDP in volume
(based on seasonally adjusted data)
Percentage change compared to the previous quarter / Percentage change compared to the same quarter of the previous year
2005 / 2006 / Previously released value* / 2005 / 2006 / Previously released value*
Q3 / Q4 / Q1 / Q2 / 2006 Q2 / Q3 / Q4 / Q1 / Q2 / 2006 Q2
Euro area / 0.6 / 0.4 / 0.8 / 0.9 / (0.9) / 1.7 / 1.8 / 2.2 / 2.7 / (2.6)
EU25 / 0.7 / 0.5 / 0.8 / 0.9 / (0.9) / 1.9 / 2.0 / 2.4 / 2.9 / (2.8)
EU Member States
Belgium / 0.5 / 0.6 / 0.9 / 0.8 / (0.8) / 1.2 / 1.5 / 2.3 / 2.8 / (2.8)
Czech Republic / 1.6 / 2.0 / 1.5 / 1.2 / : / 6.2 / 6.9 / 6.9 / 6.5 / :
Denmark / 0.7 / 0.2 / 0.4 / 1.9 / (1.9) / 4.1 / 3.3 / 2.8 / 3.2 / (3.2)
Germany / 0.5 / 0.3 / 0.7 / 0.9 / (0.9) / 1.5 / 1.7 / 1.7 / 2.4 / (2.4)
Estonia / 4.1 / 1.0 / 3.4 / 2.8 / : / 11.7 / 11.6 / 11.6 / 11.8 / :
Greece / 1.8 / -0.2 / 2.8 / -0.4 / (-0.4) / 3.8 / 3.7 / 4.1 / 4.1 / (4.1)
Spain / 0.8 / 1.0 / 0.9 / 0.9 / (0.9) / 3.6 / 3.6 / 3.6 / 3.7 / (3.7)
France / 0.7 / 0.3 / 0.4 / 1.2 / (1.1) / 1.4 / 1.0 / 1.4 / 2.6 / (2.6)
Ireland / 0.6 / 2.1 / 1.2 / 0.9 / : / 6.2 / 6.5 / 5.7 / 4.9 / :
Italy / 0.3 / 0.0 / 0.7 / 0.5 / (0.5) / 0.1 / 0.5 / 1.6 / 1.5 / (1.5)
Cyprus / 1.0 / 0.9 / 0.8 / 1.0 / (1.0) / 3.8 / 3.6 / 3.4 / 3.8 / (3.8)
Latvia** / 2.7 / 2.7 / 2.7 / 2.6 / : / 11.4 / 10.6 / 13.1 / 11.1 / :
Lithuania / 2.2 / 2.2 / 1.9 / 2.5 / (3.1) / 8.1 / 8.3 / 8.5 / 9.2 / (9.0)
Luxembourg** / : / : / : / : / : / 4.8 / 6.2 / 6.6 / 5.4 / :
Hungary / 1.0 / 1.0 / 1.0 / 0.9 / (0.9) / 4.4 / 4.2 / 4.3 / 4.0 / (3.9)
Malta / 4.6 / 0.3 / -2.0 / 2.6 / : / 3.4 / 2.8 / 3.1 / 2.2 / :
Netherlands** / 0.7 / 0.6 / 0.5 / 1.2 / (1.0) / 2.0 / 1.9 / 2.9 / 2.8 / (2.4)
Austria / 0.9 / 0.8 / 0.6 / 0.9 / (1.0) / 2.7 / 2.9 / 3.1 / 3.3 / (3.1)
Poland / 1.7 / 1.5 / 1.2 / 1.1 / (1.1) / 3.6 / 4.7 / 4.6 / 5.6 / (5.6)
Portugal / -0.9 / 0.5 / 0.3 / 0.9 / : / 0.3 / 1.0 / 1.1 / 0.9 / :
Slovenia / 0.6 / 1.0 / 1.0 / 2.8 / : / 3.9 / 4.8 / 4.8 / 5.6 / :
Slovakia** / 1.7 / 2.0 / 1.1 / 1.4 / (1.3) / 6.3 / 7.4 / 6.3 / 6.7 / (6.6)
Finland / 1.5 / 1.0 / 2.1 / 1.9 / : / 3.5 / 3.4 / 4.7 / 6.6 / :
Sweden / 1.1 / 0.9 / 1.4 / 1.3 / (1.4) / 2.9 / 3.2 / 4.2 / 4.8 / (5.0)
United Kingdom / 0.5 / 0.7 / 0.7 / 0.7 / (0.8) / 1.8 / 1.9 / 2.3 / 2.6 / (2.6)
Acceding Countries
Bulgaria** / : / : / : / : / : / 4.6 / 5.5 / 5.6 / 6.6 / :
Romania** / : / : / : / : / : / 2.4 / 4.3 / 6.9 / 7.8 / :
EFTA Countries
Iceland / 1.7 / -1.8 / 0.7 / 2.0 / : / 10.6 / 4.2 / 5.0 / 2.6 / :
Norway / 0.9 / 0.1 / 0.6 / 0.5 / : / 3.8 / 2.4 / 2.7 / 2.1 / :
Switzerland / 0.9 / 0.7 / 0.8 / 0.7 / : / 2.3 / 2.8 / 3.3 / 3.1 / :
Main economic partners
United States / 1.0 / 0.4 / 1.4 / 0.6 / (0.7) / 3.4 / 3.1 / 3.7 / 3.5 / (3.6)
Japan / 0.5 / 1.0 / 0.8 / 0.2 / (0.2) / 2.8 / 4.0 / 3.4 / 2.5 / (2.2)

: Data not available.

* See News Release 112/2006 of 1 September 2006.

** Percentage change compared to the same quarter of the previous year: non-seasonally adjusted.


Euro area: Belgium, Germany, Greece, Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Austria, Portugal and Finland.

1  NPISH (Non-profit institutions serving households) included.

2  Figures for the Netherlands for the first quarter of 2006 include the effects of the health care finance reform, which, in national accounts terms, has resulted in a shift of final consumption expenditure from private households to government.

Summary quality information:

European quarterly national accounts are compiled in accordance with the European System of Accounts 1995 (ESA95). Estimates for the euro area and EU25 are based on Member States’ data as available, covering 100% of euro area GDP (100% of EU25 GDP). Coverage for the components of GDP may be smaller. These data are seasonally adjusted according to national adjustment procedures. They are also corrected for working days for Belgium, Germany, Spain, France, Italy, Hungary, the Netherlands, Austria, Slovenia, Finland, Sweden and the United Kingdom. Seasonally adjusted European aggregates are calculated from seasonally adjusted Member States’ data (indirect seasonal adjustment).

The euro area and EU25 growth rates published today constitute the second estimation for the second quarter 2006. The first estimation was published in the News Release 112/2006 of 1 September 2006. This was based on a more limited data set than the one used for the present News Release and, additionally, on first estimates for some Member States, which have now been revised. The published growth rate of GDP for the second quarter 2006 compared to the previous quarter, that had been estimated at +0.9% in the euro area and in the EU25, remains unchanged in both zones. Compared to the second quarter 2005, GDP growth that had been estimated at +2.6% in the euro area and +2.8% in the EU25, is revised to +2.7% in the euro area and to +2.9% in the EU25.

With this second regular estimate, previously published euro area and EU25 figures are subject to revision for all variables and all quarters. The next release of quarterly GDP on 14 November 2006 will give a flash estimate for growth in 2006Q3. Figures presented in this release may be revised again with the following first regular estimate for 2006Q3, scheduled for 30 November 2006. A full release calendar is available on the Eurostat website (Release Calendar).

Further tables on the income breakdown of GDP, in particular compensation of employees by industry and gross operating surplus, on national income and saving, on employment and on the contributions of expenditure and output components to GDP growth are available in the PDF version of this News Release on the Eurostat website. More data on European quarterly national accounts are available on Eurostat’s website (“Data” / “Economy and Finance” / “National Accounts”). Also there, additional general information on European Quarterly National Accounts is given in the metadata files linked to the data tables.

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