12 Dec
GDP third quarter

GDP up by 0.2% and employment up by 0.1% in the euro area ( third quarter 2019)

Seasonally adjusted GDP rose by 0.2% in the euro area (EA19) and by 0.3% in the EU28 during the third quarter of 2019, compared with the previous quarter, according to an estimate published by Eurostat, the statistical office of the European Union. In the second quarter of 2019, GDP had grown by 0.2% in both zones.

Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1.2% in the euro area and by 1.4% in the EU28 in the third quarter of 2019, after also +1.2% and +1.4% respectively in the previous quarter.

During the third quarter of 2019, GDP in the United States increased by 0.5% compared with the previous quarter (after also +0.5% in the second quarter of 2019). Compared with the same quarter of the previous year, GDP grew by 2.1% (after +2.3% in the previous quarter).

GDP growth by Member State
Among Member States for which data are available for the third quarter of 2019, Poland (+1.3%), Hungary (+1.1%) and Estonia (+1.0%) recorded the highest growth compared with the previous quarter, followed by Bulgaria, Croatia and Slovenia (all +0.8%). The lowest growth was observed in Germany, Italy and Austria (all +0.1%).

GDP components and contributions to growth
During the third quarter of 2019, household final consumption expenditure rose by 0.5% in both the euro area and in the EU28 (after +0.2% and +0.3% respectively in the previous quarter). Gross fixed capital formation increased by 0.3% in both zones (after +5.7% and +4.3% respectively). Exports increased by 0.4% in the euro area and 1.0% in the EU28 (after +0.2% and -0.5% respectively). Imports increased by 0.6% in the euro area and by 0.7% in the EU28 (after +2.8% and +0.5% respectively).

Household final consumption expenditure had a positive contribution to GDP growth in both the euro area and the EU28 (both +0.3 percentage points – pp) and the contribution from gross fixed capital formation was also positive (+0.1 pp in both zones).

The contribution of the external balance to GDP growth was negative for the euro area and positive for the EU28, while the contribution of changes in inventories was negative for both zones (-0.1 pp for the euro area and -0.3 pp for the EU28).

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