GDP up by 0.3% in the euro area and by 0.4% in the EU

Seasonally adjusted GDP rose by 0.3% in the euro area and by 0.4% in the EU during the second quarter of 2016, compared with the previous quarter, according to an estimate published by Eurostat, the statistical office of the EU. In the first quarter of 2016, GDP grew by 0.5% in both zones. Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1.6% in the euro area and by 1.8% in the EU in the second quarter of 2016, after +1.7% and +1.9% respectively in the previous quarter. Among Member States for which data are available for the second quarter of 2016, Romania (+1.5%), Hungary (+1.0%), the Czech Republic, Poland and Slovakia (all +0.9%) recorded the highest growth compared with the previous quarter, while GDP remained stable in France, Italy and Finland. Household final consumption expenditure made a positive contribution to GDP growth in both the euro area and the EU (+0.1 and +0.2 percentage points), while the contribution from gross fixed capital formation was neutral in both zones. The contribution of the external balance to GDP growth was positive for both zones, while the contribution of changes in inventories was negative.