Gross domestic product improved 0.6% in both the euro area (EU19) and the EU28 for the third quarter of 2017 according to an estimated released by Eurostat, the statistical office of the European Union. the growth follows a 0.7% increase recorded for the second quarter of 2017 in both areas.
The growth within the quarter mainly stemmed from a 0.3% increase in household final consumption expenditure in the euro area while a 0.5% growth was reported for the EU 28. According to Eurostat, “Household final consumption expenditure had a positive contribution to GDP growth in both the euro area and the EU28 (+0.2 and +0.3 percentage points – pp, respectively) as had gross fixed capital formation (+0.2 pp in both zones). The contribution of the external balance to GDP growth was slightly positive for the euro area and neutral for the EU28. The contribution of changes in inventories was positive for both zones.” Notably, gross capital formation increased by 1.1% in both zone, while exports climbed 1.2% and 0.9% in both the euro area and EU28 respectively. Imports reflected a 1.1% and 1% improvement in the euro area and EU28 respectively.
The following member states recorded the largest growths compared with the previous quarter; Romania (+2.6%), Malta (+1.9%), Latvia (+1.5%) and Poland (+1.2%) recorded the highest growth compared with the previous quarter, while GDP decreased in Denmark (-0.6%) and remained almost stable in Lithuania (+0.1%).
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