Gross Domestic Product (GDP) grew by 0.3% in both the euro-zone and the EU15 during the first quarter of 2002, according to estimates out today from Eurostat, the Statistical Office of the European Communities in Luxembourg. The results follow a drop of 0.2% in both zones in the fourth quarter of 2001.
In comparison with the first quarter of 2001, euro-zone GDP grew by 0.3% and that of the EU15 by 0.4%, after increases of 0.4% and 0.6%, respectively, in the previous quarter.
The US economy recorded a 1.2% increase of GDP during the first quarter of 2002, after growth of 0.7% in the fourth quarter 2001. In Japan, the economy recovered in the first quarter of 2002: GDP grew by 1.4% after decreasing by 1.2% in the previous quarter. Compared to the first quarter of 2001, GDP rose by 1.4% in the United States and dropped by 1.6% in Japan.
Drop in investments and recovery of exports
In the first quarter of 2002, household final consumption expenditure was static (0.0%) in the euro-zone and grew by 0.1% in the EU15 (after +0.0% and +0.2%, respectively, in the previous quarter). Investments dropped by 0.5% in the euro-zone and by 0.9% in the EU15 (after -0.5% and -0.3%, respectively, in the fourth quarter 2001). Exports recorded an increase of 0.8% in the euro-zone and of 0.6% in the EU15 (-1.4% in the euro-zone and -1.3% in the EU15, during the previous quarter). Imports continued to drop (-0.6% and -0.3%, respectively, after -1.5% and -1.1% during the fourth quarter 2001).
Compensation of employees and operating surplus growing faster
Regarding the breakdown of GDP at current prices into income4 aggregates, compensation of employees increased by 1.1% during the first quarter of 2002 in the euro-zone and by 1.4% in the EU15, accelerating with respect to the previous quarter (+0.8% for both zones during the fourth quarter 2001). Gross operating surplus and mixed income rose by 0.9% in the euro-zone and by 1.3% in the EU15, after an increase of 0.5% and 0.6%, respectively, in the previous quarter.
During the first quarter of 2002, among those Member States for which data are available, compensation of employees grew fastest in the United Kingdom (+2.2%) and in Italy (+1.5%), while it dropped in Austria (-1.0%). Gross operating surplus and mixed income saw the steepest rises in Finland (+13.5%) and Spain (+2.5%); Italy was the only country recording a fall (-0.2%).
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(source: Eurostat)
