According to new data released by the Statistical Office of the European Union (Eurostat), GDP increased by 1.0% in both the Euro area and the EU27 during the second quarter of 2010 remains unchanged. In the first quarter of 2010, growth rates were +0.3% in both zones.

According to first estimates released by the Statistical office of the European Union (Eurostat), GDP increased by 1.0% in both the Euro area and the EU27 during the second quarter of 2010. Compared with the second quarter of 2009, seasonally adjusted GDP increased by 1.9% in both the Euro area and the EU27, after +0.8% and +0.7% respectively for the previous quarter.

This data confirm general estimates on GDP released by Eurostat by mid-August, which were based on a more limited data set than the last estimates. The published GDP growth rate for the second quarter of 2010 compared with the previous quarter which had been estimated at +1.0% for both the Euro area and the EU27 remains unchanged in the present release. Compared with the second quarter of 2009, GDP growth that had been estimated at +1.7% for both zones is revised up to +1.9%.

Variation in components of GDP

During the second quarter of 2010, final consumption expenditure increased by 0.5% in both the Euro area and the EU27 (after +0.2% and +0.1% respectively in the previous quarter). Investments increased by 1.8% in the Euro area and by 1.7% in the EU27 (after -0.4% and -0.6% respectively). Exports increased by 4.4% in the Euro area and by 4.0% in the EU27 (after +2.4% and +2.0%). Imports increased by 4.4% in the Euro area and by 4.0% in the EU27 (after +4.0% and +3.6%).

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%).