AaE: Euro area and EU27 GDP up by 0.7%

Euro area and EU27 GDP up by 0.7%

Posted by Oliver B. at 6:55 AM

Flash estimates for the first quarter of 2008

Euro area and EU27 GDP up by 0.7%

+2.2% and +2.4% respectively compared with the first quarter of 2007

GDP grew by 0.7% in both the euro area1 (EA15) and the EU271 during the first quarter of 2008, compared with the previous quarter, according to flash estimates published by 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.
Compared with the same quarter of the previous year, seasonally adjusted GDP grew by 2.2% in the euro area and by 2.4% in the EU27 in the first quarter of 2008, after +2.2% and +2.5% respectively in the previous quarter.
During the first quarter of 2008, US GDP increased by 0.1% compared with the previous quarter, after +0.1% in the fourth quarter of 2007. Compared with the same quarter of the previous year, GDP grew by 2.5% in the US, after +2.5% also in the previous quarter.
The euro area (EA15) includes Belgium, Germany, Ireland, Greece, Spain, France, Italy, Malta, Luxembourg, Cyprus, 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).
Summary quality information
European quarterly national accounts are compiled in accordance with the European System of Accounts 1995 (ESA95). The flash estimate of 2008 Q1 GDP growth presented in this release is based on Member States’ data as available, directly covering 80% of EA15 GDP (76% of EU27 GDP). For more details of the flash methodology please refer to News Release 55/2003 of 15 May 2003.
Simulations and previously published flash estimates have shown the flash estimation procedure to be reliable. Over the last 29 quarters, the flash estimate of GDP growth on the previous quarter for the euro area (EA12) when compared to the following first regular release has led to an average revision of less than 0.01 percentage points. It correctly anticipated the acceleration or deceleration of growth 25 times. The value of the growth rate was correctly anticipated 25 times and differed by ±0.1 percentage points 4 times.
With this flash estimate, euro area and EU GDP figures for earlier quarters are not revised, so the growth rates till the fourth quarter 2007, published in News Release 48/2008 of 9 April 2008, remain unchanged. All figures presented in this release are subject to further revision with the two regular estimates of GDP for the first quarter 2008, scheduled for 3 June 2008 and 9 July 2008. First estimates for National Accounts employment in the first quarter 2008 are scheduled for 13 June 2008.

http://europa.eu/rapid/pressReleasesAction.do?reference=STAT/08/68&format=PDF&aged=0&language=EN&guiLanguage=en

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The European Union (EU) is a political and economic community of twenty-seven member states, located primarily in Europe. It was established in 1993 by the Maastricht Treaty, adding new areas of policy to the existing European Community. With almost 500 million citizens, the EU combined generates an estimated 30% share of the world's nominal gross domestic product (US$16.8 trillion in 2007).

The EU has developed a single market through a standardised system of laws which apply in all member states, guaranteeing the freedom of movement of people, goods, services and capital. It maintains a common trade policy, agricultural and fisheries policies, and a regional development policy. Fifteen member states have adopted a common currency, the euro. It has developed a role in foreign policy, representing its members in the World Trade Organization, at G8 summits and at the United Nations. Twenty-one EU countries are members of NATO. It has developed a role in justice and home affairs, including the abolition of passport control between many member states under the Schengen Agreement.

EU operation is a hybrid of intergovernmentalism and supranationalism. In certain areas it depends upon agreement between the member states. However, it also has supranational bodies, able to make decisions without the agreement of members. Important institutions and bodies of the EU include the European Commission, the European Parliament, the Council of the European Union, the European Council, the European Court of Justice and the European Central Bank. EU citizens elect the Parliament every five years.

The EU traces its origins to the European Coal and Steel Community formed among six countries in 1951 and the Treaty of Rome in 1957. Since then the EU has grown in size through the accession of new member states and has increased its powers by the addition of new policy areas to its remit. The Treaty of Lisbon, signed in December 2007 and intended to be ratified by the end of 2008, is planned to amend the existing treaties to update the political and legal structure of the union.

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Euro area and EU27 GDP up by 0.7%

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