GDP fell by 0.2% in the euro area (EA17) and by 0.1% in the EU27 during the first quarter of 2013, compared with the previous quarter, according to second estimates published by Eurostat, the statistical office of the European Union. In the fourth quarter of 2012, growth rates were -0.6% and -0.5% respectively.

Compared with the same quarter of the previous year, GDP fell by 1.1% in the euro area and by 0.7% in the EU27 in the first quarter of 2013, after -1.0% and -0.7% respectively in the previous quarter.

During the first quarter of 2013, GDP in the United States grew by 0.6% compared with the previous quarter (after +0.1% in the fourth quarter of 2012). Compared with the same quarter of the previous year, GDP rose by 1.8% (after +1.7% in the previous quarter).

GDP growth by Member State

Among Member States for which data are available for the first quarter of 2013, Lithuania (+1.3%), Latvia (+1.2%), Hungary and Romania (both +0.7%) recorded the highest growth compared with the previous quarter, and Cyprus (-1.3%), the Czech Republic (-1.1%) and Estonia (-1.0%) the largest decreases.

GDP components and contributions to growth

During the first quarter of 2013, household final consumption expenditure rose by 0.1% in both the euro area and the EU27 (after -0.6% and -0.3% respectively in the previous quarter). Gross fixed capital formation dropped by 1.6% in the euro area and by 1.4% in the EU27 (after -1.4% and -1.2%). Exports decreased by 0.8% in the euro area and by 0.6% in the EU27 (after -0.9% in both zones). Imports declined by 1.1% in the euro area and by 0.8% in the EU27 (after -1.2% and -1.0%).

In both the euro area and the EU27, gross fixed capital formation contributed negatively to GDP growth (-0.3 percentage points and -0.2 pp respectively), while the contributions of household final consumption expenditure and change in inventories were neutral in the euro area (0.0 pp each) and slightly positive in the EU27 (+0.1 pp each).