During the second quarter of 2014, GDP in the United States increased by 1.0% compared with the previous quarter (after -0.5% in the first quarter of 2014). Compared with the same quarter of the previous year, GDP grew by 2.5% (after +1.9% in the previous quarter).
GDP growth by Member State
Among Member States for which data are available for the second quarter of 2014, Malta (+1.3%), Latvia and Slovenia (both +1.0%), Lithuania, Hungary and the United Kingdom (all +0.8%) recorded the highest growth compared with the previous quarter. Romania (-1.0%), Denmark and Cyprus (both -0.3%), Germany and Italy (both -0.2%) registered decreases.
GDP components and contributions to growth
During the second quarter of 2014, household final consumption expenditure rose by 0.3% in the euro area and by 0.4% in the EU28 (after +0.2% and +0.4% respectively in the previous quarter). Gross fixed capital formation decreased by 0.3% in the euro area and by 0.1% in the EU28 (after +0.2% and +0.5%). Exports rose by 0.5% in the euro area and by 0.3% in the EU28 (after +0.1% and +0.5%). Imports increased by 0.3% in the euro area and by 0.4% in the EU28 (after +0.8% and +1.2%).
Household final consumption expenditure had a positive contribution to GDP growth (+0.2 percentage points) in both the euro area and the EU28. Gross fixed capital formation had a negative contribution to GDP growth in the euro area (-0.1pp) and had no influence to the growth of GDP in the EU28 (0.0pp). The contribution of the external balance to GDP growth was positive (+0.1pp) in the euro area and with no influence (0.0 pp) in the EU28. The contribution of changes in inventories was negative (-0.2 pp in the euro area and -0.1pp in the EU28).