Eurozone¹ (EA15) and EU27¹ GDP grew by 0.8% in the first quarter of 2008, compared with the previous quarter, according to first estimates released by Eurostat, the Statistical Office of the European Union. In the fourth quarter of 2007, growth rates were +0.3% in the Eurozone and +0.5% in the EU27. Eurostat also reported today that the industrial producer price index rose by 0.8% in the Eurozone (EA15) in April.

Compared with the first quarter of 2007, seasonally adjusted GDP rose by 2.2% in the Eurozone and by 2.5% in the EU27, after +2.1% and +2.5% respectively for the previous quarter.

Growth in components of GDP

During the first quarter of 2008, household² final consumption expenditure increased by 0.2% in the Eurozone and by 0.3% in the EU27 (after -0.1% and +0.1% respectively in the previous quarter). Investments grew by 1.6% in the Eurozone and by 1.0% in the EU27 (after +1.0% and +1.3%). Exports rose by 1.9% in the Eurozone and by 1.7% in the EU27 (after +0.3% and +0.7%). Imports increased by 1.8% in the Eurozone and by 1.1% in the EU27 (after -0.3% and -0.2%).

The key component, which boosted the overall averages, was Germany's first-quarter growth figure of 1.5%, compared to just 0.3% the previous quarter.

US GDP up by 0.2%, Japanese GDP up by 0.8%

In the United States GDP increased by 0.2% during the first quarter of 2008, after +0.1% in the fourth quarter of 2007. In Japan GDP grew by 0.8% in the first quarter, after +0.6% in the previous quarter.

Compared with the first quarter of 2007, GDP rose by 2.5% in the United States (after +2.5% in the previous quarter) and by 1.1% in Japan (after +1.4%).
 

1. The Eurozone (EA15) includes Belgium, Germany, Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia and Finland.

The EU27 includes Belgium (BE), Bulgaria (BG), the Czech Republic (CZ), Denmark (DK), Germany (DE), Estonia (EE), Ireland (IE), Greece (EL), Spain (ES), France (FR), Italy (IT), Cyprus (CY), Latvia (LV), Lithuania (LT), Luxembourg (LU), Hungary (HU), Malta (MT), the Netherlands (NL), Austria (AT), Poland (PL), Portugal (PT), Romania (RO), Slovenia (SI), Slovakia (SK), Finland (FI), Sweden (SE) and the United Kingdom (UK).

NPISH (Non-profit institutions serving households) included.

Summary quality information:

European quarterly national accounts are compiled in accordance with the European System of Accounts 1995 (ESA95). The first regular estimates of 2008 Q1 GDP growth presented  today are based on Member States’ data as available, covering 97% of Eurozone GDP (96% of EU27 GDP). These data are seasonally adjusted (and in most cases also corrected for working days) according to national adjustment procedures. Seasonally adjusted European aggregates are calculated from seasonally adjusted Member States’ data (indirect seasonal adjustment).

Industrial producer prices up by 0.8% in Eurozone

The industrial producer price index rose by 0.8% in the Eurozone (EA15) in April and by 0.9% in the EU27. In March prices increased by 0.7% in both zones.

In April 2008 compared with April 2007, industrial producer prices gained 6.1% in the Eurozone and 7.6% in the EU27.

Monthly changes

In April 2008, compared with the previous month, prices in total industry excluding the energy sector rose by 0.4% in the Eurozone and by 0.5% in the EU27. Prices in the energy sector increased by 2.0% and 1.9% respectively. Intermediate goods gained 0.7% in the Eurozone and 0.9% in the EU27. In both zones, capital goods rose by 0.2% and durable consumer goods by 0.1%. Non-durable consumer goods gained 0.1% in the Eurozone and 0.2% in the EU27.

Among Member States for which data are available, the highest increases were registered in Denmark (+3.3%), Ireland and the Netherlands (both +1.5%). The industrial producer price index remained stable in the Czech Republic. The only decrease was recorded in Luxembourg (-0.3%).

Annual changes

In April 2008, compared with April 2007, prices in total industry excluding the energy sector increased by 3.7% in the Eurozone and by 4.0% in the EU27. Prices in the energy sector rose by 14.3% and 18.5% respectively. Non-durable consumer goods gained 4.8% in the Eurozone and 5.1% in the EU27. Intermediate goods increased by 4.3% and 4.9% respectively. Durable consumer goods gained 2.4% in both zones. Capital goods rose by 1.6% in the Eurozone and 1.8% in the EU27.

Among Member States for which data are available, the highest increases were observed in Lithuania (+16.5%), Denmark (+15.7%) and Romania (+14.4%), and the lowest in the Czech Republic (+4.7%), Luxembourg and Finland (both +5.1%).