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News : EU Economy Last Updated: Aug 17, 2011 - 5:00 AM


GDP rose by 0.2% in both the Eurozone and the EU27 during the second quarter of 2011
By Finfacts Team
Aug 16, 2011 - 10:55 AM

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GDP (gross domestic product) rose by 0.2% in both the Eurozone (EA17) and the EU27 during the second quarter of 2011, compared with the previous quarter, according to flash estimates published by Eurostat, the statistics office of the European Union. In the first quarter of 2011, growth rates were +0.8% in both zones.

Germany reported earlier today that its economy grew by just 0.1% in the second quarter. Last Friday, France reported that its economy had ground to a standstill in the second quarter and with the two biggest economies of the 17-member Eurozone seeing a sharp deceleration in growth.

Irel;and's second quarter data will not be available until next month.

Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 1.7% in both zones in the second quarter of 2011, after +2.5% in both zones in the previous quarter.

During the second quarter of 2011, GDP in the United States increased by 0.3% compared with the previous quarter (after +0.1% in the first quarter of 2011). In Japan GDP fell by 0.3% in the second quarter of 2011 (after -0.9%).

Compared with the same quarter of the previous year, GDP rose by 1.6% in the United States (after +2.2% in the previous quarter), and decreased by 0.9% in Japan (after -0.7%).

European quarterly national accounts are compiled in accordance with the European System of Accounts 1995 (ESA95). The flash estimate of second quarter 2011 GDP growth presented in this release is based on member countries data as available, covering 95% of EA17 GDP (91% of EU27 GDP).

Eurostat says simulations and previously published flash estimates have shown the flash estimation procedure to be reliable. Over the last 42 quarters, the flash estimate of GDP growth on the previous quarter for the Eurozone (EA12) when compared to the following release has led to an average revision of less than 0.01 percentage points. It correctly anticipated the acceleration or deceleration of growth 37 times. The value of the growth rate was correctly anticipated 37 times and differed by ±0.1 percentage points 5 times.

The Eurozone includes Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.

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