The Eurozone quarterly economic growth was confirmed at 0.2 percent in the second quarter of 2019, slowing from a 0.4 percent expansion in the previous period. Household consumption and fixed investment supported the expansion while net trade contributed negatively to growth and change in inventories was negligible. Among the bloc’s largest economies, Germany’s gross domestic product shrank while Italy's economy stagnated, Spain’s GDP growth slowed and the French economy expanded at the same pace as in the first quarter. GDP Growth Rate in the Euro Area averaged 0.39 percent from 1995 until 2019, reaching an all time high of 1.30 percent in the second quarter of 1997 and a record low of -3 percent in the first quarter of 2009.

GDP Growth Rate in Euro Area is expected to be 0.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Euro Area to stand at 0.30 in 12 months time. In the long-term, the Euro Area GDP Growth Rate is projected to trend around 0.50 percent in 2020, according to our econometric models.

Euro Area GDP Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2019-06-06 09:00 AM GDP Growth Rate QoQ 3rd Est Q1 0.4% 0.2% 0.4% 0.4%
2019-07-31 09:00 AM GDP Growth Rate QoQ Flash Q2 0.2% 0.4% 0.2% 0.2%
2019-08-14 09:00 AM GDP Growth Rate QoQ 2nd Est Q2 0.2% 0.4% 0.2% 0.2%
2019-09-06 09:00 AM GDP Growth Rate QoQ 3rd Est Q2 0.2% 0.4% 0.2% 0.2%
2019-10-31 10:00 AM GDP Growth Rate QoQ Flash Q3 0.2% 0.2%
2019-11-14 10:00 AM GDP Growth Rate QoQ 2nd Est Q3 0.2% 0.2%
2019-12-05 10:00 AM GDP Growth Rate QoQ 3rd Est Q3 0.2% 0.2%



Eurozone Q2 GDP Growth Confirmed at 0.2%

The Eurozone quarterly economic growth was confirmed at 0.2 percent in the second quarter of 2019, slowing from a 0.4 percent expansion in the previous period. Household consumption and fixed investment supported the expansion while net trade contributed negatively to growth and change in inventories was negligible.

From the expenditure side, the largest positive contribution to the GDP growth came from household final consumption expenditure (0.1 percentage points) and gross fixed capital formation (0.1 percentage points); while net trade substracted 0.1 percentage points as exports made no contribution and imports contributed negatively (-0.1 percentage points); and change in inventories was negligible.

Household consumption increased 0.2 percent in the second quarter of the year (vs 0.4 percent in Q1) and government spending went up 0.3 percenty (vs 0.4 percent in Q1). Also, fixed investment advanced 0.5 percent, following a 0.2 percent expansion in the previous period. Exports were flat (vs 0.9 percent in Q1) while imports rose 0.2 percent (vs 0.4 percent in Q1).

From the production side, services activity was the main driver of growth led by trade, transport, accommodation and food service activities (0.1 percent vs 1.0 percent); administration and other public services (0.3 percent vs 0.1 percent); professional and support service activities (0.6 percent vs 0.2 percent); real estate activities (0.4 percent, the same as in Q1); information and communication (0.5 percent vs 1.3 percent); financial and insurance activities (0.7 percent vs a flat reading); and arts, entertainment and other services (0.1 percent vs 0.6 percent). Also, construction advanced 0.1 percent, after a 1.5 percent gain in Q1. Meanwhile, industry output shrank 0.7 percent (vs a flat reading in Q1), mostly due to manufacturing production (-0.8 percent vs -0.1 percent in Q1).

Among the bloc's largest economies, Germany's GDP contracted 0.1 percent in Q2, after expanding 0.4 percent in the first three months of the year while Italian economy stagnated, following a 0.1 percent growth. In addition, Spain's economy grew 0.5 percent, slowing from a 0.7 percent expansion in Q1; while France's gross domestic growth was steady at 0.3 percent. 

Compared with the same quarter of the previous year, the Euro Area economy expanded 1.2 percent in the three months to June, easing from an upwardly revised 1.3 percent growth in Q1.

Considering the European Union as a whole, the economy advanced 0.2 percent (vs 0.5 percent in Q1); and grew 1.4 percent year-on-year (vs 1.6 percent in Q1).


Eurostat | Stefanie Moya | stefanie.moya@tradingeconomics.com
9/6/2019 9:31:13 AM



Euro Area GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.20 0.40 1.30 -3.00 percent [+]
GDP Annual Growth Rate 1.20 1.30 5.00 -5.50 percent [+]
GDP 13669.95 12634.71 14124.88 245.46 USD Billion [+]
GDP Constant Prices 2671.26 2665.93 2671.26 1769.67 EUR Billion [+]
Gross Fixed Capital Formation 569.90 566.79 574.26 383.40 EUR Billion [+]
GDP per capita 40978.90 40289.70 40978.90 10826.50 USD [+]
GDP per capita PPP 40027.90 39349.20 40027.90 28133.00 USD [+]


Euro Area GDP Growth Rate

The Euro Area is an economic and monetary union of 19 European countries that adopted the euro as their currency. It is the second largest economy in the world and if it was a country it would be the third most populous with 341 million inhabitants. Germany, France, Italy and Spain are the most important economies accounting respectively for 29 percent, 20 percent, 15 percent and 10 percent of the bloc’s GDP. This page provides - Euro Area GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Euro Area GDP Growth Rate - actual data, historical chart and calendar of releases - was last updated on September of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
0.20 0.40 1.30 -3.00 1995 - 2019 percent Quarterly
SA




Country Last Previous
Indonesia 4.20 Jun/19
South Africa 3.10 Jun/19
United States 2.00 Jun/19
China 1.60 Jun/19
Turkey 1.20 Jun/19
India 1.00 Jun/19
South Korea 1.00 Jun/19
Canada 0.90 Jun/19
Australia 0.50 Jun/19
Netherlands 0.50 Jun/19
Spain 0.50 Jun/19
Brazil 0.40 Jun/19
France 0.30 Jun/19
Japan 0.30 Jun/19
Switzerland 0.30 Jun/19
Euro Area 0.20 Jun/19
Italy 0.00 Jun/19
Mexico 0.00 Jun/19
Saudi Arabia 0.00 Mar/19
Germany -0.10 Jun/19
United Kingdom -0.20 Jun/19
Argentina -0.30 Jun/19
Russia -0.40 Mar/19
Singapore -3.30 Jun/19


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