Euro-zone GDP grew by 0.3% and EU15 GDP by 0.4% during the third 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. The same growth rates of 0.3% and 0.4% respectively were observed in the second quarter of 2002.
Compared to the third quarter of 2001, GDP grew by 0.8% in the euro-zone and by 0.9% in the EU15, after increases of 0.6% and 0.8% respectively in the previous quarter3.
Private consumption stronger, investments nearly stable
During the third quarter of 2002, household final consumption expenditure grew by 0.5% in the euro-zone and by 0.6% in the EU15 (after +0.2% and +0.4% respectively in the second quarter of 2002).
These were the highest growth rates since the second quarter of 2001.
Investments, which had fallen for six consecutive quarters, remained stable in the euro-zone and fell slightly, by 0.2%, in the EU15 (after -1.2% and -1.0% respectively during the second quarter).
Exports increased by 2.2% in the euro-zone and by 1.5% in the EU15 (after +1.6% and +1.8% in the previous quarter) and imports showed similar growth of 2.2% and 1.6% respectively (after +1.4% and +1.2% in the second quarter).
Growth in services slows down
During the third quarter of 2002, total gross value added grew by 0.3% in both the euro-zone and the EU15, after having recorded an increase of 0.4% in both zones in the second quarter. Compared to the third quarter of 2001, total gross value added was up by 0.8% in the euro-zone and by 0.9% in the EU15.
Comparing the third quarter of 2002 to the previous quarter, Agriculture recorded the strongest growth, with a rise of 0.9% in both zones. Gross value added in Industry increased by 0.6% in both zones. Trade, transport and communications services rose by 0.2% in the euro-zone and by 0.3% in the EU15, whilst Financial services and business activities recorded a growth rate of only 0.1% in the euro-zone and 0.2% in the EU15. Construction again recorded a drop, of 0.3% in the euro-zone and 0.2% in the EU15, albeit of much smaller size than in the previous quarter.
US GDP up by 1.0% and Japanese GDP up by 0.7%
In the US GDP recorded an increase of 1.0% during the third quarter of 2002, a sizeable acceleration with respect to the previous quarter (+0.3%). Private final consumption expenditure grew by 1.0%, while investments recorded a slight recovery (+0.2%). Exports (+0.8%) and imports (+0.6%) both grew more slowly than in the second quarter.
In Japan GDP increased by 0.7% during the third quarter of 2002, after +1.0% during the previous quarter. Household final consumption expenditure grew by 0.8%, while investments continued to fall (-1.0%). Exports (+0.5%) and imports (+1.8%) both recorded weaker growth than in the previous quarter, the deceleration being significantly stronger for exports.
Compared to the third quarter of 2001, GDP grew by 3.2% in the US (+2.2% in the previous quarter) and by 1.5% in Japan (-0.6% in the previous quarter).
(source: Eurostat)
