Quarterly national accounts - updated estimate
- Data from 11 October 2017. Most recent data: Further Eurostat information, Main tables and Database. Planned update of the article: 12 January 2018
This article presents key messages and data extractions based on Eurostat's updated estimation of quarterly gross domestic product (GDP) for the second quarter of 2017 in the European Union (EU-28) and euro area (EA-19) released on 13 October 2017. This completes a sequence of quarterly estimates of European main national accounts aggregates (including employment) that are produced based on available country data (see previous news releases). Notable revisions for gross fixed capital formation and imports are mostly related to the incorporation of Irish data.
- 1 Main statistical findings
- 2 Context
- 3 See also
- 4 Further Eurostat information
- 5 External links
Main statistical findings
Euro area and European Union
GDP up by 0.7 % in both the euro area and in the EU-28
GDP rose by 0.7 % in both the euro area (EA-19) and in the EU-28 during the second quarter of 2017, compared with the previous quarter, according to an updated estimate (see Data sources and availability) published by Eurostat. In the first quarter of 2017, GDP grew by 0.6 % in both the euro area and the EU-28.
Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 2.3 % in the euro area and by 2.4 % in the EU-28 in the second quarter of 2017, after +2.0 % and +2.1 % respectively in the previous quarter.
During the second quarter of 2017, GDP in the United States increased by 0.8 % compared with the previous quarter (after +0.3 % in the first quarter of 2017). Compared with the same quarter of the previous year, GDP rose by 2.2 % (after +2.0 % in the previous quarter).
GDP growth by Member States
Among Member States for the second quarter of 2017, the Czech Republic (+2.5%), Romania (+1.7 %) and the Netherlands (+1.5%) recorded the highest growth compared with the previous quarter, while Italy, Portugal and the United Kingdom recorded the lowest (+0.3%) growth.
GDP components and contributions to growth
During the second quarter of 2017, household final consumption expenditure (NPISH included) rose by 0.5 % in both the euro area and the EU-28 (after +0.4 % and +0.5 % respectively in the previous quarter). Gross fixed capital formation increased by 2.0 % in the euro area and by 1.9 % in the EU-28 (after -0.2 % in the euro area and +0.2 % in the EU-28). Exports rose by 0.9 % in the euro area and 1.0 % in the EU-28 (after +1.3 % and +1.1 %). Imports increased by 1.5 % in the euro area and by 1.3 % in the EU-28 (after +0.4 % and +0.8 %).
Household final consumption expenditure had a positive contribution to GDP growth in both the euro area and the EU-28 (+0.3 percentage points - pp). The contribution of gross fixed capital formation was also positive in both the euro area and the EU-28 (+0.4 pp). The change in inventories was neutral for both the euro area and the EU-28. The contribution of the external balance was negative for the euro area and the EU-28 (slightly).
The detailed tables of GDP estimate 2017Q2 are available here.
Data sources and availability
Eurostat collects GDP data in the framework of ESA 2010. See here for more details. Additional information on the dissemination of ESA 2010 data is available under latest news on the dedicated website and in the database section National accounts (ESA 2010) (na10)
European aggregates are revised at specific release dates. The preliminary flash estimate of GDP growth in the third quarter of 2017 will be released on 31 October 2017 and will be updated on 14 November 2017. The next regular estimates of European aggregates are due on 7 December 2017 (GDP estimate) and 13 December 2017 (employment estimate).
Quarterly figures on the evolution of gross domestic product (GDP) and its main aggregates are among the most significant indicators of the state of any economy, be it at a national or European level, and are of key interest to users. Typical users of quarterly national accounts (QNA) figures are market analysts, forecasters or economic and monetary policy advisors interested in assessing the state of the current business cycle.
Further Eurostat information
- Annual national accounts (t_nama_10)
- Quarterly national accounts (t_namq_10)
- Annual national accounts (nama_10)
- Quarterly national accounts (namq_10)
Methodology / Metadata
- Annual national accounts (ESMS metadata file — nama_esms)
- European system of account — ESA 2010
- European system of accounts — ESA 1995
- NACE Rev.2 publication
- Quarterly national accounts (ESMS metadata file — namq_esms)
- Regulation (EC) No 1392/2007 of 13 November 2007 amending Regulation (EC) No 2223/96 with respect to the transmission of national accounts data
- ESA 2010 Introduction