Euro area GDP up by 0.2%, EU28 up by 0.3%
+0.9% and +1.4% respectively compared with the first quarter of 2013
Seasonally adjusted GDP rose by 0.2% in the euro area1 (EA18) and by 0.3% in the EU281 during the first quarter of 2014, compared with the previous quarter, according to flash estimates2 published by Eurostat, the statistical office of the European Union. In the fourth quarter of 2013, GDP grew by 0.2% in the euro area and by 0.4% in the EU28.
Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 0.9% in the euro area and by 1.4% in the EU28 in the first quarter of 2014, after +0.5% and +1.0% respectively in the previous quarter.
During the first quarter of 2014, GDP in the United States remained unchanged compared with the previous quarter (after +0.7% in the fourth quarter of 2013). Compared with the same quarter of the previous year, GDP rose by 2.3% (after +2.6% in the previous quarter).
EU28, euro area and United States GDP growth rates
% change over the previous quarter
Growth rates of GDP in volume
(based on seasonally adjusted* data)
Percentage change compared with the previous quarter Percentage change compared with the same quarter of the previous year
2013 2014 2013 2014
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
EA18 0.3 0.1 0.2 0.2 -0.6 -0.3 0.5 0.9
EU28 0.4 0.3 0.4 0.3 -0.1 0.2 1.0 1.4
Member States
Belgium 0.2 0.3 0.3 0.4 0.1 0.4 0.8 1.2
Bulgaria 0.1 0.4 0.3 0.2 0.4 0.9 1.2 1.1
Czech Republic 0.3 0.3 1.8 0.0 -1.6 -1.0 1.2 2.0
Denmark 1.0 0.3 -0.6 : 0.9 0.9 0.5 :
Germany 0.7 0.3 0.4 0.8 0.5 0.6 1.4 2.3
Estonia -0.3 0.5 0.2 -1.2 1.2 0.6 0.1 -1.5
Ireland 1.1 2.1 -2.3 : -1.4 2.5 -0.6 :
Greece** : : : : -4.0 -3.2 -2.3 -1.1
Spain -0.1 0.1 0.2 0.4 -1.6 -1.1 -0.2 0.6
France 0.6 -0.1 0.2 0.0 0.7 0.3 0.8 0.8
Croatia** -0.3 -0.2 -0.4 : -0.7 -0.6 -1.2 :
Italy -0.3 -0.1 0.1 -0.1 -2.1 -1.9 -0.9 -0.5
Cyprus -1.8 -0.9 -0.8 -0.7 -6.0 -5.7 -5.0 -4.1
Latvia -0.1 1.1 0.7 0.7 4.5 4.1 3.7 2.4
Lithuania 0.8 0.4 1.2 0.6 4.1 2.4 3.4 2.9
Luxembourg 1.9 0.6 0.7 : 2.4 3.0 2.4 :
Hungary 0.2 1.1 0.7 1.1 0.5 1.8 2.9 3.2
Malta 1.9 -0.2 0.4 : 3.0 2.4 2.2 :
Netherlands*** 0.0 0.1 1.0 -1.4 -1.7 -0.8 0.8 -0.5
Austria**** 0.0 0.3 0.4 0.3 0.1 0.3 0.7 1.0
Poland 0.8 0.8 0.7 1.1 1.3 1.9 2.5 3.5
Portugal 1.1 0.3 0.5 -0.7 -2.1 -0.9 1.5 1.2
Romania 0.7 1.6 1.4 0.1 1.6 4.2 5.1 3.8
Slovenia 0.2 0.4 1.2 : -1.7 -0.8 1.9 :
Slovakia 0.4 0.4 0.5 0.6 0.7 1.0 1.6 2.0
Finland 0.0 0.0 -0.4 -0.4 -1.3 -1.0 -0.6 -0.8
Sweden 0.0 0.5 1.7 : 0.7 0.7 3.1 :
United Kingdom 0.8 0.8 0.7 0.8 1.7 1.8 2.7 3.1
Other countries
Iceland -6.7 5.8 0.3 : 2.1 3.9 4.0 :
Norway 1.1 0.8 -0.2 : 0.1 2.0 1.3 :
Switzerland 0.6 0.5 0.2 : 2.3 2.1 1.9 :
United States 0.6 1.0 0.7 0.0 1.6 2.0 2.6 2.3
Japan 1.0 0.2 0.2 : 1.3 2.4 2.5 :
: Data not available.
* The seasonal adjustment does not include a working-day correction for Ireland, Portugal, Romania and Slovakia.
** Percentage change compared with the same quarter of the previous year calculated from non-seasonally adjusted data.
*** Percentage change compared with the same quarter of the previous year calculated from working-day adjusted data.
**** Growth rates are calculated using the trend component.
The euro area (EA18) includes Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.
The European Union (EU28) includes Belgium, Bulgaria, the Czech Republic, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden and the United Kingdom.
European quarterly national accounts are compiled in accordance with the European System of Accounts 1995 (ESA95). The flash estimate of the first quarter of 2014 GDP growth presented in this release is based on Member States’ data as available, covering 97% of EA18 GDP (93% of EU28 GDP). For more details of the flash methodology please refer to News Release 55/2003 of 15 May 2003.
Data on previous revisions showing that the flash estimation procedure is reliable are available on the Eurostat website:
http://epp.eurostat.ec.europa.eu/portal/page/portal/national_accounts/methodology/quarterly_accounts.
With the flash estimate, euro area and EU GDP figures for earlier quarters are not revised. All figures presented in this release may be revised with the second estimate of GDP scheduled for 4 June 2014.
Issued by: Eurostat Press Office
Louise CORSELLI-NORDBLAD
Tel: +352-4301-33 444
eurostat-pressoffice@ec.europa.eu
Eurostat news releases on the internet:
http://ec.europa.eu/eurostat
For further information on data:
Christine GERSTBERGER
Tel: +352-4301-30 175
Júlio CABEÇA
Tel: +352-4301-33 254
estat-gdp-query@ec.europa.eu
STAT/14/77
Euro area annual inflation
EU
Euro area1 annual inflation was % in 2, . A year earlier the rate was %. Monthly inflation was % in .
European Union3 annual inflation was % in , . A year earlier the rate was %. Monthly inflation was % in .
These figures come from Eurostat, the statistical office of the European Union.
In , negative annual rates were observed in , Hungary and Slovakia (both -0.2%), Croatia and Portugal (both -0.1%). The highest annual rates were recorded in and Germany (1.1%). Compared with , .
The largest upward impacts to euro area annual inflation came from , while fuels for transport (-0.18), telecommunications (-0.11) and vegetables
(-0.08) had the biggest downward impacts.
Annual inflation (%) in , in ascending order
* Data for Austria are provisional. Data for the United Kingdom are for March 2014.
Inflation rates4 in %, measured by HICPs
Annual rate 12 month average rate* Monthly rate
Apr Feb Apr Apr Apr
Belgium 0.9 0.9 1.0 1.1 1.1 1.1 -0.2
Germany 1.1 0.9 1.0 1.2 1.1 1.4 -0.3
Estonia 0.8 0.7 1.1 1.6 3.4 2.3 0.2
Ireland 0.4 0.3 0.1 0.3 0.5 0.3 0.0
Greece -1.6 -1.5 -0.9 -1.4 -0.6 -1.2 0.4
Spain 0.3 -0.2 0.1 0.3 1.5 0.8 0.6
France 0.8 0.7 1.1 0.8 0.8 0.9 0.0
Italy 0.5 0.3 0.4 0.6 1.3 0.8 0.5
Cyprus -0.4 -0.9 -1.3 -1.6 0.1 -0.4 0.7
Latvia 0.8 0.3 0.5 0.5 -0.4 0.1 0.5
Luxembourg 0.9 0.8 0.8 1.5 1.7 1.3 0.2
Malta 0.5 1.4 1.6 0.9 0.9 0.8 1.9
Netherlands 0.6 0.1 0.4 0.8 2.8 1.7 0.6
Austria 1.6p 1.4 1.5 1.5 2.1 1.8p 0.1p
Portugal -0.1 -0.4 -0.1 0.1 0.4 0.3 0.3
Slovenia 0.5 0.6 0.2 0.9 1.6 1.3 0.5
Slovakia -0.2 -0.2 -0.1 0.0 1.7 0.7 0.0
Finland 1.3 1.3 1.6 1.9 2.4 1.9 0.1
Euro area 0.7p 0.5 0.7 0.8 1.2 1.0p 0.2p
Bulgaria -1.3 -2.0 -2.1 -1.4 0.9 -0.8 0.2
Czech Republic 0.2 0.3 0.3 0.3 1.7 0.9 0.0
Denmark 0.5 0.2 0.3 0.8 0.4 0.4 0.1
Croatia -0.1 -0.1 -0.2 0.4 3.1 1.1 0.5
Lithuania 0.3 0.4 0.3 0.2 1.4 0.6 0.3
Hungary -0.2 0.2 0.3 0.8 1.8 1.0 -0.1
Poland 0.3 0.6 0.7 0.6 0.8 0.6 0.1
Romania 1.6 1.3 1.3 1.2 4.4 2.1 0.3
Sweden 0.3 -0.4 0.1 0.2 0.0 0.3 0.4
United Kingdom5 : 1.6 1.7 1.9 2.4 : :
EU 0.8p 0.6 0.8 0.9 1.4 1.1p 0.1p
Iceland 1.3 0.9 0.8 1.5 4.0 2.8 0.4
Norway 1.5 1.8 1.9 2.1 1.8 2.2 0.3
Switzerland 0.1 -0.1 -0.2 0.2 -0.4 0.1 0.1
Source: Eurostat p = provisional : = not available
* Average HICP of latest 12 months/average HICP of preceding 12 months.
Annual inflation (%) in the euro area and European Union
Euro area inflation rates in % for selected aggregates
Euro area Weight (‰) Annual rate 12-month
average rate Monthly
rate
Apr Feb Apr Apr Apr
All-items 1000.0 0.7p 0.5 0.7 0.8 1.2 1.0p 0.2p
All-items excluding:
> energy 891.9 0.9p 0.8 1.1 1.0 1.4 1.2p 0.2p
> energy, food, alcohol & tobacco 694.4 1.0p 0.7 1.0 0.8 1.0 1.0p 0.3p
> energy, unprocessed food 817.1 1.1p 0.9 1.1 1.0 1.1 1.1p 0.2p
> energy, seasonal food 853.5 1.1p 0.9r 1.1 1.0 1.2 1.2p 0.2p
> tobacco 976.1 0.6p 0.4 0.6 0.7 1.1 0.9p 0.2p
Energy 108.1 -1.2p -2.1 -2.3 -1.2 -0.4 -0.7p -0.1p
Food, alcohol and tobacco 197.6 0.7p 1.0 1.5 1.7 2.9 2.2p -0.1p
Non-energy industrial goods 266.6 0.1p 0.2 0.4 0.2 0.8 0.4p 0.4p
Services 427.8 1.6p 1.1 1.3 1.2 1.1 1.3p 0.1p
Source: Eurostat p = provisional r = revised
Sub-indices with largest impacts on euro area annual inflation6
Sub-index Weight (‰) Annual rate Impact (percentage points)
Apr Apr
09.60 Package holidays 17.1 8.1p 0.09
02.20 Tobacco 23.9 3.7p 0.07
04.51 Electricity 27.2 3.1p 0.07
01.17 Vegetables 15.6 -4.0p -0.08
08.2/3 Telecommunications 29.0 -2.9p -0.11
07.22 Fuels for transport 47.5 -2.7p -0.18
Source: Eurostat p = provisional
The euro area inflation is measured by the Monetary Union Index of Consumer Prices (MUICP) as defined in Council Regulation (EC) No 2494/95 of 23 October 1995. The data refers to the euro area country composition at a specific point in time. New Member States are integrated into the MUICP using a chain index formula.
The euro area flash estimate for , published on , was 0.7%.
The European Union (EU) inflation is measured by the European Index of Consumer Prices (EICP) as defined in Council Regulation (EC) No 2494/95 of 23 October 1995. The data refers to the EU country composition at a specific point in time. New Member States are integrated into the EICP using a chain index formula.
An annual rate measures the price change between a month and the same month of the previous year. A 12-month average rate compares the average Harmonised Indices of Consumer Prices (HICPs) of the latest 12 months to the average of the preceding 12 months. A monthly rate compares price levels between the two latest months.
Data for the United Kingdom for April 2014 were not available in time for publication. Due to this fact the EU totals have been calculated using Eurostat estimates.
An impact is a measure showing the change in the inflation due to the inclusion of a sub-index. The impact takes account of both the weight and whether the inflation for that sub-index is higher or lower than the all-items inflation rate.
More information can be found in the HICP dedicated section on Eurostat’s website and in the Statistics Explained article on the inflation in the euro area.
Issued by: Eurostat Press Office
Tim ALLEN
Tel: +352-4301-33 444
eurostat-pressoffice@ec.europa.eu
For further information on methodology:
Svetoslava PAVLOVA
Tel: +352-4301-34 406
estat-hicp@ec.europa.eu
