Euro GDP Up By 0.8%

Both the euro area and the EU27 reported an increase of 0.8% in GDP during the first quarter of 2011 compared with the previous quarter according to the latest Eurostat statistical release on second estimates of GDP. When the first quarter 2011 is compared with the first quarter 2010 GDP increased by 2.5% in both areas.

The household final consumption expenditure component of GDP contributed an increase of 0.3 in the euro area and 0.2 in the EU27. In the USA HFCE rose by 0.5% and in Japan it fell by 0.6%. Gross fixed capital formation grew by 2.1% in the euro area and 1.2% in the EU27.

The total gross value added (GVA) over the previous quarter was 0.8% in the euro area and 0.7% in the EU27 and 2.3% in both areas over the previous year. Agriculture GVA grew by 0.6 over the previous quarter and the previous year. Financial services and business activities GVA increased 0.2 and 0.3 in euro area and EU27 respectively over the quarter and 1.5% and 1.4% respectively over the year.