Euro area and EU27 GDP grew by 0.7% in the first quarter of 2008 compared with the previous quarter, according to second estimates from Eurostat, the Statistical Office of the European Communities. In the fourth quarter of 2007, growth rates were +0.4% in the euro area and +0.5% in the EU27.
In comparison with the same quarter of the previous year, seasonally adjusted GDP grew in the first quarter of 2008 by 2.1% in the euro area and by 2.3% in the EU27, after +2.2% and +2.5% respectively in the previous quarter.
In the first quarter of 2008 and among the Member States for which seasonally adjusted GDP data are available, Slovenia recorded the highest growth rate with 2.2% compared with the previous quarter, followed by Slovakia (+2.1%) and Malta (+1.7%).
In the first quarter of 2008, household final consumption expenditure increased by 0.2% in the euro area and by 0.3% in the EU27 (after –0.1% and +0.1% in the previous quarter). Investment grew by 1.6% in the euro area and by 1.0% in the EU27 (after +1.1% and +1.4%). Exports rose by 1.9% in the euro area and by 2.0% in the EU27 (after +0.4% and +0.7%). Imports increased by 2.0% in the euro area and by 1.7% in the EU27 (after –0.2% and –0.1%).
Among the main partners of the EU, GDP grew by 0.2% in the US in the first quarter of 2008 (after +0.1% in the previous quarter). In Japan GDP increased by 1.0% in the first quarter of 2008 (+0.7% in the previous quarter).
Compared with the first quarter of 2007, GDP rose by 2.5% in the US (+2.5% in the previous quarter) and by 1.3% in Japan (+1.4% in the previous quarter).
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