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GDP (gross domestic product) increased by 1.0% in both the
Eurozone (EA16) and the EU27 during the second quarter of 2010, compared with the
previous quarter, according to the latest estimates released by Eurostat, the statistics office of the
European Union. In the first quarter of 2010, growth
rates were +0.3% in both zones. Growth outpaced US and Japan.
However, Eurostat raised its estimate for the rate of expansion relative to
the second quarter of 2008 to 1.9% from 1.7% previously. That reflected an
upward revision in Eurostat's estimate of first-quarter growth to 0.3% from
0.2%.
Variation in components of GDP: During the second quarter of 2010, household final consumption expenditure increased
by 0.5% in both the Eurozone and the EU27
(after +0.2% and +0.1% respectively in
the previous quarter). Investments increased by 1.8% in the Eurozone and by
1.7% in the EU27 (after -0.4% and -0.6% respectively). Exports
increased by 4.4% in the Eurozone and by 4.0% in the
EU27 (after +2.4% and +2.0%).
Imports increased by 4.4% in the Eurozone and by 4.0% in the
EU27 (after +4.0% and +3.6%).
Irish Q2 data will be available at
the end of September.
US and Japanese GDP: In the United States
GDP increased by 0.4% during the
second quarter of 2010, after +0.9% in the first quarter of 2010. In Japan GDP
increased by 0.1% in the second quarter of 2010, after +1.1% in the previous
quarter.
Compared with the second quarter of 2009, GDP increased by 3.0% in the United States (after +2.4% in the previous quarter) and by 1.9% in
Japan (after +4.4%).
In a separate report, Eurostat reported that in July 2010,
the industrial producer price index rose by 0.2% in both the Eurozone
(EA16) and the EU27. In June 2010, prices
increased by 0.3% in both zones.
In July 2010 compared with July 2009, industrial producer
prices gained 4.0% in the Eurozone and
4.4% in the EU27.
The Eurozone (EA16) consists of Belgium, Germany, Ireland, Greece, Spain,
France, Italy, Cyprus, Luxembourg, Malta, the Netherlands, Austria, Portugal,
Slovenia, Slovakia 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).
