Euro-zone GDP up by 0.3%

EU15 up by 0.4%

Euro-zone GDP grew by 0.3% and EU15 GDP by 0.4% during the second quarter of 2002, compared to the previous quarter, according to first estimates out today from Eurostat, the Statistical Office of the European Communities in Luxembourg. These results follow an increase of 0.4% in the euro-zone and of 0.3% in the EU15 in the first quarter of 2002.

Compared to the second quarter of 2001, GDP grew by 0.6% in the euro-zone and by 0.7% in the EU15, after an increase of 0.3% and 0.4%, respectively, in the previous quarter.

Recovery of consumption and of external trade, fall in investments
During the second quarter of 2002, household final consumption expenditure recovered, with an increase of 0.4% in the euro-zone and of 0.5% in the EU15 (after -0.2% and +0.0%, respectively, in the first quarter of 2002). Investments fell for the sixth consecutive quarter: -0.8% in the euro-zone and -0.5% in the EU15 (after-0.6% and -0.9%, respectively, during the first quarter of 2002). Exports increased by 1.9% in both zones during the second quarter of 2002 (+0.1% for both zones in the previous quarter) and imports recorded an increase of 1.7% and 1.5% respectively (after -0.7% and -0.4% in the first quarter of 2002).

Growth in Services and Industry, fall in Construction
During the second quarter of 2002, total gross value added grew by 0.4% in both zones, after having recorded an increase of 0.4% in the euro-zone and of 0.3% in the EU15 in the first quarter of 2002. Compared to the second quarter of 2001, total gross value added was up by 0.7% in the euro-zone and by 0.8% in the EU15.

Comparing the second quarter of 2002 to the previous quarter, the highest growth among all branches was recorded in Financial services and business activities, with a rise of 0.6% in both zones. Gross value added in Trade, transport and communications increased by 0.4% in both zones. Industry recorded an increase both in the euro-zone (+0.2%) and in the EU15 (+0.3%). Agriculture, on the other hand, increased slightly in the euro-zone (+0.1%) and fell in the EU15 (-0.1%). Construction again recorded a fall (-0.8% in the euro-zone and -0.4% in the EU15).

US GDP up by 0.3% and Japanese up by 0.5%
In the US, GDP recorded an increase of 0.3% during the second quarter of 2002, slowing down with respect to the previous quarter (+1.2%). Household final consumption expenditure grew by 0.5%, while investments fell (-0.6%). Exports (+2.9%) and imports (+5.3%) strongly increased.

In Japan, GDP grew by 0.5% during the second quarter of 2002, after stagnating during the previous quarter. Household final consumption expenditure grew by 0.3%, while investments continued to fall (-0.6%). Exports (+5.8%) and imports (+3.8%) strongly increased.

Compared to the second quarter of 2001, GDP grew by 2.1% in the US in the second quarter of 2002 (+1.4% in the previous quarter) and fell by 0.9% in Japan (-2.6% in the previous quarter).

(source: Eurostat)

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