GDP In Europe Increased By 0.2% In Q2 2011

There was an increase of 0.2% in GDP in both the euro area and the EU27 in the second quarter of 2011 compared with the first quarter according to a statistical news release from Eurostat the statistical office of the European Union. Growth rates in the first quarter were 1.8% in the euro area and 0.7% in the EU27. On a yearly basis, the second quarter results increased by 1.6% in the euro area and 1.7% in the EU27.

Household expenditure decreased by 0.2% after growing by 0.2% in the previous quarter and decreased by 0.1% in the EU27. Gross fixed capital formation, exports and imports all grew during the second quarter.

GDP Revised Up To 1.2%

UK GDP measures of output, income and expenditure increased by 1.2% on the previous quarter, revised up from the 1.1% preliminary estimate. The production industries were up by 1% and manufacturing 1.6%, services output increased by 1.7% and construction by 8.5%. Household expenditure increased by 0.7%, non-profit institutions by 1.4% but gross capital formation fell by 2.4%. GDP at current market prices increased by 1.7%. The GDP implied deflator is 4.1% for Q2 2010.