Euro-zone and EU15 GDP up by 0.4%

+0.7% and +0.8% respectively compared to second quarter of 2001

Gross Domestic Product (GDP) grew by 0.4% in both the euro-zone and 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 the euro-zone and 0.3% in the EU15 in the first quarter of 2002.

In comparison with the second quarter of 2001, GDP grew by 0.7% in the euro-zone and by 0.8% in the EU15, after increases of 0.3% and 0.4%, respectively, in the previous quarter.

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, a recovery with respect to the previous quarter (-0.2% and 0.0% respectively). Investments dropped for the sixth consecutive quarter: -0.7% in the euro-zone and -0.3% in the EU15 (-0.6% and -1.0% in the first quarter of 2002).

Exports showed a strong increase both in the euro-zone and in the EU15 (+1.8% and +1.9% respectively), thus recovering from the first quarter of 2002 (-0.2% and 0.0%). Imports also posted an increase, growing by 1.3% in the euro-zone and by 1.1% in the EU15, after the drop recorded in the first quarter 2002 (-0.9% and -0.4% respectively).

Services up, construction down
During the second quarter of 2002, total gross value added (GVA) increased by 0.4% in the euro-zone and by 0.5% in the EU15, after +0.4% and +0.3%, respectively, in the first quarter of 2002. All branches registered positive growth during the second quarter of 2002, with the exception of construction (-0.6% in the euro-zone and -0.2% in the EU15). Services recorded the highest growth rates among all branches in both zones, while Industry rose by 0.3% in the euro-zone and by 0.4% in the EU15.

US GDP up by 0.3%, Japanese GDP up by 0.6%
Among the main partners of the EU, the US economy recorded an increase of GDP of 0.3% during the second quarter of 2002 (+1.2% in the previous quarter). Household final consumption expenditure grew by 0.4% (+0.8% in the previous quarter) while investments dropped (-0.6% compared to +0.4% in the first quarter). Exports and imports showed a strong growth in the second quarter of 2002 (+3.4% and +5.1% respectively). Compared to the second quarter of 2001, GDP in the United States rose by 2.2% (+1.4% in the previous quarter).

In Japan, GDP grew by 0.6% in the second quarter of 2002, after remaining static in the previous quarter. Household final consumption expenditure increased by 0.3% (+0.5% in the first quarter of 2002), while investments dropped again (-0.8%), but less than in the previous quarter (-1.7%). Exports grew strongly (+5.7% after +4.8% in the preceding quarter). Imports were also dynamic (+2.6% after 0.0% in the first quarter). Compared to the second quarter of 2001, Japanese GDP fell by 0.7% (-2.5% in the previous quarter).

(source: Eurostat)

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