Gross Domestic Product (GDP) grew by 0.4% in both the euro-zone and the EU15 during the second quarter of 2002, according to estimates out today from Eurostat, the Statistical Office of the European Communities in Luxembourg. These results follow an increase of 0.4% in both zones in the first quarter of 2002.
In comparison with the second quarter of 2001, euro-zone GDP grew by 0.7% and that of the EU15 by 0.8%, after increases of 0.3% and 0.5% respectively in the previous quarter.
The US economy recorded a 0.3% increase in GDP during the second quarter of 2002, after growth of 1.2% in the first quarter. In Japan, GDP grew by 0.6% in the second quarter of 2002, after remaining static in the previous quarter. Compared to the second quarter of 2001, GDP rose by 2.2% in the United States and fell by 0.7% in Japan.
Recovery of consumption and external trade, drop in investments
In the second quarter of 2002, household final consumption expenditure grew by 0.3% in the euro-zone and by 0.5% in the EU15 (after -0.1% and 0.0% respectively in the previous quarter). Investments dropped by 1.0% in the euro-zone and by 0.5% in the EU15 (after -0.6% and -1.0% in the first quarter). Exports recorded an increase of 1.6% in the euro-zone and of 1.8% in the EU15 (after -0.4% and -0.2% during the previous quarter). Imports grew by 1.2% in the euro-zone and by 1.1% in the EU15 (after -1.1% and -0.6% during the first quarter).
Faster growth in gross operating surplus than in compensation of employees
Regarding the breakdown of GDP at current prices (and current exchange rates) into income aggregates, compensation of employees increased by 0.8% during the second quarter of 2002 in the euro-zone and by 0.3% in the EU15, slowing down with respect to the previous quarter (+0.9% and +1.2% respectively during the first quarter). Gross operating surplus and mixed income rose by 1.0% in the euro-zone and by 0.6% in the EU15, after increases of 0.8% and 1.0% respectively in the previous quarter.
During the second quarter of 2002, among those Member States for which data are available, compensation of employees fell only in the United Kingdom (-1.4% after +2.2% in the previous quarter), and remained almost unchanged in Germany (+0.1%). The highest growth was reported in Finland (+1.7%) and Spain (+1.5%). Gross operating surplus and mixed income saw the steepest declines in Finland (-12.0% after +14.0% in the previous quarter) and in the Netherlands (-2.8%). Germany (+2.7%) and Spain (+2.4%) recorded the largest increases.
(source: Eurostat)
