GDP up by 0.2% and employment up by 0.3% in the euro area
GDP up by 0.2% and employment up by 0.3% in the euro area, according to the figures released today, 8 March, by Eurostat.
Seasonally adjusted GDP rose by 0.2% in the euro area (EA19) and by 0.3% in the EU28 during the fourth quarter of 2018, compared with the previous quarter, according to an estimate published by Eurostat, the statistical office of the European Union. In the third quarter of 2018, GDP had grown by 0.1% in the euro area and by 0.3% in the EU28.
Comparison
Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1.1% in the euro area and by 1.4% in the EU28 in the fourth quarter of 2018, after +1.6% and +1.8% respectively in the previous quarter.
During the fourth quarter of 2018, GDP in the United States increased by 0.6% compared with the previous quarter (after +0.8% in the third quarter of 2018). Compared with the same quarter of the previous year, GDP grew by 3.1% (after +3.0% in the previous quarter).
Over the whole year 2018, GDP rose by 1.8% in the euro area and by 1.9% in the EU28. The annual growth rate for 2017 was +2.4% for both the euro area and the EU28.
GDP growth by Member State
Among Member States for which data are available for the fourth quarter of 2018, Estonia (+2.2%) recorded the highest growth compared with the previous quarter, followed by Lithuania (+1.3%), Latvia and Sweden (both +1.2%). Decreases were observed in Greece and Italy (-0.1%), while GDP in Germany remained static.
GDP components and contributions to growth
During the fourth quarter of 2018, household final consumption expenditure rose by 0.2% in the euro area and by 0.3% in the EU28 (after +0.1% and +0.2% respectively in the previous quarter). Gross fixed capital formation increased by 0.6% in the euro area and 0.4% in the EU28 (after +0.6% and +0.4% also). Exports increased by 0.9% in the euro area and by 1.1% in the EU28 (after +0.2% in both zones). Imports increased by 0.5% in the euro area and 0.8% in the EU28 (after +1.1% and +0.8%).
Household final consumption expenditure had a positive contribution to GDP growth in both the euro area and the EU28 (+0.1 and +0.2 percentage points – pp) as had gross fixed capital formation (+0.1 pp in both zones). The contribution of the external balance to GDP growth was positive for both the euro area and for the EU28, while the contribution of changes in inventories was negative for both zones.
