Fall in growth confirmed in EU
Eurostat data | Wednesday 06 March 2013
For the full year 2012, GDP dropped by 0.6% in the eurozone and by 0.3% in the EU27, according to estimates published by Eurostat, on 6 March. The figures confirm that the recession is worsening in Europe.
During the fourth quarter of 2012, GDP declined by 0.6% in the eurozone and by 0.5% in the EU27, compared with the previous quarter (in the third quarter of 2012, growth rates were -0.1% and +0.1%, respectively).
Compared with the same quarter of the previous year, GDP fell by 0.9% in the eurozone and by 0.6% in the EU27 during the fourth quarter of 2012.
Among member states for which data are available, Latvia (+1.3%), Estonia (+0.9%) and Lithuania (+0.7%) registered the strongest growth compared with the previous quarter, and Portugal (-1.8%) and Cyprus and Slovenia (both -1%) the largest decreases.
In terms of components of GDP during the fourth quarter of 2012, household final consumption declined by 0.4% in the eurozone and by 0.3% in the EU27 (after -0.1% in both in the previous quarter). Gross fixed capital formation dropped by 1.1% in the eurozone and by 0.9% in the EU27 (after -0.8% and -0.7%). Exports slipped by 0.9% in both zones (after +1% and +0.9%). Imports declined by 0.9% in the eurozone and by 0.8% in the EU27 (after +0.1% and 0%).
In both the eurozone and the EU27, household final consumption expenditure and gross fixed capital formation contributed negatively to GDP growth (-0.2 percentage points each in both zones), as did changes in inventories (-0.1 pp in the eurozone and -0.2 pp in the EU27).