Euro-zone and EU15 GDP up by 0.3%

Gross Domestic Product (GDP) grew by 0.3% in both the euro-zone1 and the EU15 during the first quarter of 2002, according to estimates2 out today from Eurostat, the Statistical Office of the European Communities in Luxembourg. These results follow a drop of 0.3% in the euro-zone and 0.2% in the EU15 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.

Drop in investments and recovery of exports
In the first quarter of 2002, household3 final consumption expenditure stagnated (0.0%) in the euro-zone and grew by 0.1% in the EU15 (+0.1% and +0.2%, respectively, in the previous quarter). Investments dropped for the fifth consecutive quarter: -0.1% in the euro-zone and -0.7% in the EU15 (-0.5% and -0.4% in the fourth quarter of 2001). Exports increased by 0.5% in the euro-zone and by 0.4% in the EU15 during the first quarter of 2002 (-1.3% and -1.4% during the previous quarter) whilst imports fell again, by 0.8% and 0.4% respectively (-1.6% and -1.1% in the fourth quarter 2001).

Industry recovers, relatively strong growth in construction
During the first quarter of 2002, total gross value added (GVA) increased by 0.5% in the euro-zone and by 0.4% in the EU15, thus recovering from the decrease of 0.2% in both zones during the fourth quarter of 2001. All branches registered positive growth during the first quarter 2002, the highest growth rate being observed in construction (+0.9% in the euro-zone and +1.2% in the EU15). A significant recovery was observed in Industry (+0.8% in the euro-zone and +0.4% in the EU15) which had been the weakest branch in the preceding quarter. Among all branches, agriculture, hunting and fishing recorded the lowest result, with a growth rate of 0.1% in the euro-zone and 0.3% in the EU15.

US GDP up by 1.5%, Japanese GDP up by 1.4%
Among the main partners of the EU, the US economy recorded an increase of GDP of 1.5% during the first quarter of 2002 (+0.4% in the previous quarter). Household final consumption expenditure grew by 0.8% (+1.5% in the previous quarter) and investments recovered (+0.3% compared to -1.3% in the fourth quarter 2001). Exports and imports recovered strongly after five successive negative quarters (+0.7% and +2.0%, respectively). Compared to the first quarter of 2001, GDP in the United States rose by 1.7% (+0.5% in the previous quarter).

In Japan, the economy recovered in the first quarter of 2002. GDP grew by 1.4% (-1.2% in the previous quarter). Household final consumption expenditure increased by 1.6% (+1.9% in the fourth quarter of 2001), while investments dropped again (-1.2%) but much less than in the previous quarter (-8.2%). Exports recovered strongly (+6.4% compared to -2.6% in the previous quarter) whilst imports were static (0.0% after -2.0% in the fourth quarter of 2001). Compared to the first quarter of 2001, Japanese GDP fell by 1.6% (-2.0% in the previous quarter).

For more information please visit europa.eu.int.

(source: Eurostat)

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