Euro area and EU27 GDP up by 0.7% in first quarter, Malta up by 1.7%
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- Euro area GDP goes up by 0.4% and EU27 GDP up by 0.5%
- Euro area GDP down by 0.2% and EU27 GDP stable +1.4% and +1.7% respectively
- The Euro Area is now officially into a recession
- Euro area external trade deficit 0.1 bn euro - 20.1 bn euro deficit for EU27
- Euro area external trade deficit 5.6 bn euro and 23.0 bn euro deficit for EU27
- Euro area and EU27 employment up by 0.2% +1.2% and +1.3% respectively
- Malta registers one of the lowest labour cost rises in the EU
- Euro area and EU27 household savings rates up and business investment rates stable
- Construction output up by 0.1% in the euro area, down by 0.2% in the EU27
- Industrial production up 0.3% in euro area and 0.5% in EU27
- ASEM partners account for a third of EU27 imports and 18% of exports
- Industrial production up by 1.1% in euro area and by 0.5% in EU27
- Euro area unemployment up to 7.5% EU27 stable at 6.9%
- Industrial production stable in euro area, up by 0.1% in EU27
- Euro area unemployment stable at 7.2% - EU27 up to 6.8%
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Euro area (EA15) and EU271 GDP grew by 0.7% in the first quarter of 2008 compared with the previous quarter, according to second estimates from Eurostat, the Statistical Office of the European Communities. In the fourth quarter of 2007, growth rates were +0.4% in the euro area and +0.5% in the EU27.
In comparison with the same quarter of the previous year, seasonally adjusted GDP grew in the first quarter of 2008 by 2.1% in the euro area and by 2.3% in the EU27, after +2.2% and +2.5% respectively in the previous quarter.
In the first quarter of 2008 and among the Member States for which seasonally adjusted GDP data are available, Slovenia (+2.2%) recorded the highest growth rate compared with the previous quarter, followed by Slovakia (+2.1%) and Malta (+1.7%).
Growth in components of GDP
In the first quarter of 2008, household final consumption expenditure increased by 0.2% in the euro area and by 0.3% in the EU27 (after -0.1% and +0.1% in the previous quarter). Investment grew by 1.6% in the euro area and by 1.0% in the EU27 (after +1.1% and +1.4%). Exports rose by 1.9% in the euro area and by 2.0% in the EU27 (after +0.4% and +0.7%). Imports increased by 2.0% in the euro area and by 1.7% in the EU27 (after -0.2% and -0.1%).
US GDP up by 0.2%, Japanese GDP up by 1.0%
Among the main partners of the EU, GDP grew by 0.2% in the US in the first quarter of 2008 (after +0.1% in the previous quarter). In Japan GDP increased by 1.0% in the first quarter of 2008 (+0.7% in the previous quarter).
Compared with the first quarter of 2007, GDP rose by 2.5% in the US (+2.5% in the previous quarter) and by 1.3% in Japan (+1.4% in the previous quarter).
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