Quarterly national accounts - updated estimate

Data extracted on 11 October 2018.

Planned article update: 11 January 2019

Highlights

GDP up by 0.4 % in the euro area and by 0.5 % in the EU-28 in the second quarter of 2018.

EU-28, EA-19 and Member States GDP growth rates in the second quarter of 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 2018 in the European Union (EU-28) and euro area (EA-19) released on 12 October 2018. 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.

Full article


Euro area and European Union

GDP up by 0.4 % in the euro area and by 0.5 % in the EU-28

GDP rose by 0.4 % in the euro area (EA-19) and by 0.5 % in the EU-28 during the second quarter of 2018, compared with the previous quarter, according to an updated estimate (see Data sources and availability) published by Eurostat. In the first quarter of 2018, GDP grew by 0.4 % in both zones.

Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 2.2 % in the euro area and by 2.1 % in the EU-28 in the second quarter of 2018, after +2.4 % in the euro area and +2.3 % in the EU-28 in the previous quarter.

During the second quarter of 2018, GDP in the United States increased by 1.0 % compared with the previous quarter (after +0.5 % in the first quarter of 2018). Compared with the same quarter of the previous year, GDP rose by 2.9 % (after +2.6 % in the previous quarter).

Figure 1: EU-28, EA-19 and US GDP growth rates 2018Q2 - Source: Eurostat (namq_10_gdp)

GDP growth by Member States

Among Member States for which data are available for the second quarter of 2018, Ireland (+2.5 %), Malta (+1.9 %) Estonia and Romania (both +1.4 %) recorded the highest growth compared with the previous quarter, while the lowest growth was recorded in Denmark, Greece, France and Italy (all +0.2 %).

Figure 2: EU-28, EA-19 and MS GDP growth rates 2018Q2 - Source: Eurostat (namq_10_gdp)

GDP components and contributions to growth

During the second quarter of 2018, household final consumption expenditure (NPISH included) rose by 0.2 % in the euro area and by 0.3 % in the EU-28 (after +0.5 % in the euro area and +0.6 % in the EU-28 in the previous quarter). Gross fixed capital formation rose by 1.4 % in the euro area and by 1.2 % in the EU-28 (after +0.1 % and +0.2 % respectively ). Exports rose by 1.0 % in the euro area and by 0.8 % in the EU-28 (after -0.7 % and -0.6 % respectively). Imports rose by 1.2 % in the euro area and by 1.1 % in the EU-28 (after -0.5 % and -0.2 % respectively).

Household final consumption expenditure had a positive contribution to GDP growth in both the euro area and the EU-28 (+0.1 percentage points (pp) in euro area and +0.2 pp in the EU-28). The contribution of gross fixed capital formation was positive in the euro area and the EU-28 (+0.3 pp in euro area and +0.2 pp in the EU-28). The change in inventories was neutral for the euro area and positive for the EU-28 (+0.1 pp). The contribution of the external balance was neutral for the euro area and negative for the EU-28.

Table 1: Growth rates of GDP in volume (based on seasonally adjusted data) 2018Q2 - Source: Eurostat (namq_10_gdp)

Data sources

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 2018 will be released on 30 October 2018 and will be updated on 14 November 2018. The next regular estimates of European aggregates are due on 7 December 2018 (for both GDP and employment estimates).

Source data for tables and graphs

The detailed tables of GDP estimate 2018Q2Microsoft Excel 2010 Logo.png are available here.

Context

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.

Direct access to
Other articles
Tables
Database
Dedicated section
Publications
Methodology
Legislation
Visualisations
External links





Main tables

Annual national accounts (t_nama_10)
Quarterly national accounts (t_namq_10)

Database

Annual national accounts (nama_10)
Quarterly national accounts (namq_10)

Methodology