September 8, 2022
GDP growth in the euro area and the EU
According to the statistical office of the European Union (Eurostat), the seasonally adjusted GDP rose by 0.8% in the euro area and by 0.7% in the EU during the second quarter of 2022, relative to the previous quarter. It was also noted that in the first quarter of 2022, GDP had risen by 0.7% in the euro area and by 0.8% in the EU.
In comparison to the second quarter of 2021, seasonally adjusted GDP rose by 4.1% in the euro area and by 4.2% in the EU during the second quarter of 2022. This was after increases of 5.4% and 5.5% were respectively realized in the euro area and EU during the first quarter of 2022.
For the United States, GDP fell by 0.1% during the second quarter of 2022 relative to the previous quarter. This was after a 0.4% decline in the first quarter. Relative to second quarter of 2021, GDP in the US grew by 1.7% after increasing by 3.5% in the first quarter of 2022.
GDP growth by Member State
Among the Member States, Eurostat noted that the largest increases in GDP relative to the previous quarter were observed in Netherlands (+2.6%), Romania (+2.1%) and Croatia (+2.0%). The highest declines were observed in Poland (-2.1%), Estonia (-1.3%), Latvia (-1.0%) and Lituania (-0.5%).
GDP components and contributions to growth
In comparison to the first quarter of 2022, household final consumption expenditure grew by 1.3% in the euro area and by 1.2% in the EU during the second quarter of 2022 (following 0.0% in both the euro area and the EU in the previous quarter). Government final consumption expenditure grew by 0.6% in both the euro area and the EU (following +0.2% in the euro area and +0.1% in the EU in the previous quarter). Gross fixed capital formation grew by 0.9% in the euro area and by 0.7% in the EU (following -0.8% and 0.0% respectively). Exports grew by 1.3% in the euro area and by 1.4% in the EU (following +1.2% and +1.0%). Imports grew by 1.8% in the euro area and by 1.9% in the EU (following -0.2% and +0.2%).
Relative to the first quarter of 2022, household final consumption expenditure had positive contributions to GDP growth in both the euro area and the EU, up 0.6 percentage points (pp) in both zones. The contributions from government final expenditure were also positive (+0.1 pp in both zones).
The contributions of gross fixed capital formation were positive for the euro area and for the EU (0.2 pp in both zones), too. The contributions from the external balance were negative (-0.2 pp for both the euro area and the EU). The contributions from changes in inventories were negligible for both zones.
GDP Levels in the Euro Area and EU
GDP volumes in the euro area and the EU were 1.8% and 2.3%, respectively, based on seasonally adjusted data, higher than the mark set in the 2019 fourth quarter, before the COVID-19 epidemic.
For the United States, GDP was 2.6% higher than the level of the fourth quarter of 2019.
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