STAT/08/5
9January 2008
Second estimates for the thirdquarter of 2007
Euro areaGDP and EU27GDP up by 0.8%
+2.7% and +3.0% respectively compared to the third quarter of 2006
Euro area(EA13)1and EU271 GDP both grew by 0.8% in the thirdquarter of 2007, compared with the previous quarter, according to second estimates from Eurostat, the Statistical Office of the European Communities. In the secondquarter of 2007, growth rates were +0.3% inthe euro area and +0.5% in the EU27.
In comparison with the same quarter of the previous year, seasonally adjusted GDP grew in the thirdquarter of 2007by 2.7% in the euro area and by 3.0% in the EU27, after +2.5% and +2.8% respectively in the previous quarter.
In the thirdquarter of 2007 and among the Member States for which seasonally adjusted GDP data are available, Lithuania(+5.2%) recorded the highest growth rate compared with the previous quarter, followed byLatvia(+2.8%)and Slovakia (+2.5%).
Growth in foreign trade and investment
In the thirdquarter of 2007, household2 final consumption expenditure increased by 0.5% in the euro area and by 0.7% in the EU27(after +0.6%in both zones in the previous quarter). Investment increasedby 1.2% in the euro area and by 1.5% in the EU27 (after -0.1% and 0.0%). Exports rose by 2.2% both in the euro area and in the EU27(after +0.9% and +0.7%). Imports increased by 2.6% in the euro area and by 3.0% in the EU27(after +0.3%and +0.2%).
Among the Member States for which seasonally adjusted expenditure data are available, growth rates of household final consumption ranged from -1.7% inEstonia to +3.0% in Latvia. Growth of gross fixed capital formation varied between -5.2% in Maltaand +6.0% in the Netherlands. Exports grew most strongly in Lithuania(+7.4%) while Estonia(-5.0%) recorded the largestdecrease. Imports rose the most inMalta(+9.4%) while they fell the most in Estonia(-2.2%).
USGDP up by 1.2%, Japanese GDP up by 0.4%
Among the main partners of the EU, GDP grew by 1.2% in the USin the third quarter of 2007 (after +0.9% in the previousquarter).In Japan GDP increased by 0.4%in thethird quarter of 2007 (-0.5% in the previous quarter).
Compared with the third quarter of 2006, GDP rose by 2.8% in the US(+1.9% in the previous quarter) and by 2.0% in Japan (+1.6% 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
2006 / 2007 / Previously released value* / 2006 / 2007 / Previously released value*
Q4 / Q1 / Q2 / Q3 / 2007 Q3 / Q4 / Q1 / Q2 / Q3 / 2007 Q3
EA13 / 0.8 / 0.8 / 0.3 / 0.8 / (0.7) / 3.2 / 3.2 / 2.5 / 2.7 / (2.7)
EA15 / 0.8 / 0.8 / 0.3 / 0.8 / (0.7) / 3.2 / 3.2 / 2.5 / 2.7 / (2.7)
EU27 / 0.9 / 0.8 / 0.5 / 0.8 / (0.8) / 3.5 / 3.4 / 2.8 / 3.0 / (2.9)
EU Member States
Belgium / 0.7 / 0.7 / 0.6 / 0.5 / (0.4) / 2.7 / 3.0 / 2.8 / 2.6 / (2.5)
Bulgaria** / : / : / : / : / : / 5.7 / 6.2 / 6.6 / 4.5 / :
CzechRepublic / 1.5 / 1.6 / 1.4 / 1.4 / : / 6.1 / 6.3 / 6.2 / 6.1 / :
Denmark / 0.6 / 0.4 / -0.6 / 1.3 / (1.3) / 3.7 / 2.9 / 0.5 / 1.7 / (1.7)
Germany / 1.0 / 0.5 / 0.3 / 0.7 / (0.7) / 3.9 / 3.6 / 2.5 / 2.5 / (2.5)
Estonia / 1.8 / 2.1 / 0.9 / 1.6 / (1.8) / 11.1 / 10.1 / 7.7 / 6.5 / (6.7)
Ireland / -1.6 / 5.8 / -1.5 / 1.4 / : / 4.8 / 8.1 / 5.7 / 3.9 / :
Greece / 1.0 / 1.0 / 0.9 / 0.9 / : / 4.3 / 4.3 / 4.1 / 3.8 / (3.6)
Spain / 1.1 / 1.0 / 0.9 / 0.7 / (0.7) / 4.0 / 4.1 / 4.0 / 3.8 / (3.8)
France / 0.5 / 0.6 / 0.3 / 0.8 / (0.7) / 2.1 / 2.0 / 1.4 / 2.2 / (2.1)
Italy / 1.1 / 0.3 / 0.1 / 0.4 / (0.4) / 2.8 / 2.4 / 1.8 / 1.9 / (1.9)
Cyprus / 1.1 / 1.2 / 1.0 / 1.2 / (1.0) / 4.0 / 4.3 / 4.0 / 4.6 / (4.3)
Latvia** / 2.5 / 2.4 / 2.8 / 2.8 / : / 11.7 / 11.2 / 11.0 / 10.9 / (11.1)
Lithuania / 2.1 / 1.8 / 2.1 / 5.2 / (5.2) / 7.2 / 7.6 / 7.6 / 11.6 / (11.6)
Luxembourg / 1.9 / 0.9 / 1.3 / : / : / 5.2 / 4.7 / 5.3 / : / :
Hungary / 0.6 / 0.2 / 0.0 / 0.3 / (0.3) / 3.3 / 2.6 / 1.6 / 1.1 / (1.2)
Malta / -2.9 / 6.9 / -1.5 / -2.1 / : / 1.9 / 4.7 / 4.3 / 0.1 / :
Netherlands** / 0.8 / 0.9 / 0.2 / 1.8 / (1.8) / 2.7 / 2.5 / 2.6 / 4.2 / (4.1)
Austria / 0.8 / 1.0 / 0.7 / 0.8 / (0.8) / 3.3 / 3.6 / 3.4 / 3.4 / (3.3)
Poland / 1.6 / 1.4 / 1.4 / 1.2 / : / 7.0 / 6.7 / 6.6 / 5.8 / :
Portugal / 0.5 / 0.7 / 0.6 / 0.0 / (0.0) / 1.5 / 2.1 / 1.9 / 1.8 / (1.8)
Romania** / : / : / : / : / : / 7.7 / 6.0 / 5.6 / 5.7 / :
Slovenia / 1.5 / 1.9 / 1.2 / 1.6 / : / 6.7 / 7.5 / 6.4 / 6.3 / :
Slovakia** / 2.3 / 2.1 / 2.5 / 2.5 / (2.5) / 8.2 / 8.3 / 9.3 / 9.4 / (9.4)
Finland / 1.1 / 1.2 / 1.0 / 0.7 / : / 5.0 / 4.9 / 4.3 / 4.1 / :
Sweden / 0.8 / 0.5 / 0.7 / 0.6 / : / 4.1 / 3.2 / 2.9 / 2.6 / :
United Kingdom / 1.0 / 0.8 / 0.8 / 0.7 / (0.7) / 3.3 / 3.1 / 3.2 / 3.3 / (3.2)
EFTA Countries
Iceland / 0.2 / -0.9 / 2.2 / 2.4 / : / 3.6 / 0.1 / 2.0 / 3.8 / :
Norway / 0.5 / 0.6 / 1.0 / 1.4 / (1.4) / 1.9 / 2.1 / 3.2 / 3.4 / (3.4)
Switzerland / 0.6 / 0.7 / 0.8 / 0.8 / (0.8) / 2.9 / 2.7 / 2.8 / 2.9 / (2.9)
Main economic partners
United States / 0.5 / 0.2 / 0.9 / 1.2 / (1.2) / 2.6 / 1.5 / 1.9 / 2.8 / (2.8)
Japan / 1.3 / 0.8 / -0.5 / 0.4 / (0.6) / 2.5 / 2.8 / 1.6 / 2.0 / (2.2)
:Data not available.
*See News Release 164/2007of30November 2007.
**Percentage change compared to the same quarter of the previous year: non-seasonally adjusted.
- The euro area (EA13) consisted of 13 Member States up to 31 December 2007: Belgium, Germany, Ireland, Greece, Spain, France, Italy, Luxembourg, the Netherlands, Austria, Portugal, Slovenia and Finland. From 1 January 2008 the euro area (EA15) also includes Cyprus and Malta.
The EU27 includes Belgium (BE), 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), Slovenia (SI), Slovakia (SK), Finland (FI), Sweden (SE) and the United Kingdom (UK).
As part of Eurostat's guidelines for the dissemination of data when the EU or euro area is enlarged, the aggregate data series commented on in this News Release refer to the official composition of the euro area in the most recent quarter for which data is available. Thus News Releases with data for quarters up to Q4 2007 will comment on EA13 series, while Releases with data for Q1 2008 onwards will comment on EA15 series.
- 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). Estimates for the EA13 and EU27are based on Member States’ data as available, covering 100% of EA13 GDP (100% of EU27 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, Lithuania, Hungary, the Netherlands, Austria, Poland, Slovenia, Finland, Sweden and the United Kingdom. Seasonally adjusted European aggregates are calculated from seasonally adjusted Member States’ data (indirect seasonal adjustment).
The EA13 and EU27 growth rates published today constitute the second estimation for the thirdquarter 2007. The first estimation was published in the News Release 164/2007 of 30November 2007. 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 third quarter 2007 compared to the previous quarter, which had been estimated at +0.7% in the EA13 and at +0.8% in the EU27, is revised to +0.8% for the EA13 and remains unchangedin the EU27. Compared to the third quarter 2006, GDP growth that had been estimated at +2.7% in the EA13and +2.9% in the EU27, remains unchanged in the EA13 and is revised to +3.0% in the EU27.
With this second regular estimate, previously published EA13 and EU27 figures are subject to revision for all variables and all quarters. The next release of quarterly GDP on 14February 2008 will give a flash estimate for growth in 2007Q4 and for the whole year 2007. Figures presented in this release may be revised again with the following first regular estimate for 2007Q4, scheduled for 4March 2008. A full release calendar is available on the Eurostat website (Release Calendar).
Further data on the income breakdown of GDP, in particular compensation of employees by industry and gross operating surplus, on national income and saving andon employment 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.
Issued by:Eurostat Press Office
Tim ALLEN
Tel: +352-4301-33 444
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/ For further information on data:
Ingo KUHNERT
Luis BIEDMA
Tomas DUCHON
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(1) Change in inventories includes acquisitions less disposals of valuables
t/t-1 / GDP VOLUME VARIATION OVER THE PREVIOUS QUARTER – SEASONALLY ADJUSTED
GDP / Household & NPISH final consumption expenditure / Government final consumption expenditure / Gross Fixed Capital Formation / Change in Inventories (1) / Exports / Imports
2006 / 2007 / 2006 / 2007 / 2006 / 2007 / 2006 / 2007 / 2006 / 2007 / 2006 / 2007 / 2006 / 2007
Q4 / Q1 / Q2 / Q3 / Q4 / Q1 / Q2 / Q3 / Q4 / Q1 / Q2 / Q3 / Q4 / Q1 / Q2 / Q3 / Q4 / Q1 / Q2 / Q3 / Q4 / Q1 / Q2 / Q3 / Q4 / Q1 / Q2 / Q3
EA13 / 0.8 / 0.8 / 0.3 / 0.8 / 0.3 / 0.0 / 0.3 / 0.3 / 0.1 / 0.2 / 0.0 / 0.1 / 0.3 / 0.4 / 0.0 / 0.3 / -0.5 / 0.3 / -0.3 / 0.2 / 1.2 / 0.3 / 0.4 / 0.9 / -0.7 / -0.5 / -0.1 / -1.0
EU27 / 0.9 / 0.8 / 0.5 / 0.8 / 0.4 / 0.1 / 0.4 / 0.4 / 0.1 / 0.2 / 0.0 / 0.1 / 0.4 / 0.4 / 0.0 / 0.3 / -0.4 / 0.3 / -0.1 / 0.3 / 1.1 / 0.3 / 0.3 / 0.9 / -0.6 / -0.5 / -0.1 / -1.2
T8 / CONTRIBUTIONS OF EXPENDITURE COMPONENTS TO VARIATION IN GDP
t/t-4 / GDP VOLUME VARIATION OVER THE SAME QUARTER OF THE PREVIOUS YEAR – SEASONALLY ADJUSTED
EA13 / 3.2 / 3.2 / 2.5 / 2.7 / 1.2 / 0.8 / 0.9 / 0.9 / 0.4 / 0.4 / 0.4 / 0.4 / 1.2 / 1.5 / 0.9 / 1.0 / -0.4 / 0.1 / -0.1 / -0.2 / 3.4 / 2.6 / 2.3 / 2.9 / -2.6 / -2.3 / -1.9 / -2.3
EU27 / 3.5 / 3.4 / 2.8 / 3.0 / 1.4 / 1.2 / 1.1 / 1.3 / 0.4 / 0.4 / 0.4 / 0.4 / 1.4 / 1.6 / 1.0 / 1.1 / -0.3 / 0.1 / 0.0 / 0.0 / 3.0 / 1.9 / 1.5 / 2.6 / -2.5 / -1.9 / -1.3 / -2.4
(1) Change in inventories includes acquisitions less disposals of valuables.