EUROSTAT European Union Statistical Office : GDP up by 0.5% in the euro area and by 0.6% in the EU28

20/2017 - 31 January 2017

Preliminary flash estimate for the fourth quarter of 2016

GDP up by 0.5% in the euro area and by 0.6% in the EU28

+1.8% and +1.9% respectively compared with the fourth quarter of 2015

Seasonally adjusted GDP rose by 0.5% in the euro area (EA19) and by 0.6% in the EU28 during the fourth quarter of 2016, compared with the previous quarter, according to a preliminary flash estimate published by Eurostat, the statistical office of the European Union. In the third quarter of 2016, GDP had grown by 0.4% in the euro area and by 0.5% in the EU28.

Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1.8% in the euro area and by 1.9% in the EU28 in the fourth quarter of 2016, after also +1.8% and +1.9% in the previous quarter.

Over the whole year 2016, GDP grew by 1.7% in the euro area and by 1.9% in the EU28.

EU28 and euro area GDP growth rates

% change over the previous quarter

3

EA19

EU28

2

1

0

-1

-2

-3

2005Q1

2005Q2

2005Q3

2005Q4

2006Q1

2006Q2

2006Q3

2006Q4

2007Q1

2007Q2

2007Q3

2007Q4

2008Q1

2008Q2

2008Q3

2008Q4

2009Q1

2009Q2

2009Q3

2009Q4

2010Q1

2010Q2

2010Q3

2010Q4

2011Q1

2011Q2

2011Q3

2011Q4

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

2014Q1

2014Q2

2014Q3

2014Q4

2015Q1

2015Q2

2015Q3

2015Q4

2016Q1

2016Q2

2016Q3

2016Q4

Growth rates of GDP in volume

(based on seasonally adjusted data)

Percentage change compared with the previous quarter				Percentage change compared with the same quarter of the previous year
2016				2016
Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
EA19	0.5	0.3	0.4	0.5	1.7	1.6	1.8	1.8
EU28	0.5	0.4	0.5	0.6	1.8	1.8	1.9	1.9

The source dataset can be found here.

Geographical information

The euro area (EA19) includes Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.

The European Union (EU28) includes Belgium, Bulgaria, the Czech Republic, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden and the United Kingdom.

Methods and definitions

European quarterly national accounts are compiled in accordance with the European System of Accounts 2010 (ESA 2010).

The preliminary flash estimate of the fourth quarter of 2016 GDP growth presented in this release is based on the data of 17 Member States, covering 94% of EA19 GDP (91% of EU28 GDP).

The first estimation of annual growth for 2016 is derived by dividing the sum of the four quarters of 2016 by the sum of the four quarters of 2015. The quarterly values are expressed in millions of euro (chain-linked volumes, reference year 2005) and include a correction for calendar effects.

Two statistical working papers present the preliminary GDP flash methodology for the European estimates and Member States estimates.

Revisions and timetable

With this preliminary flash estimate, euro area and EU GDP figures for earlier quarters are not revised.

All figures presented in this release may be revised with the GDP t+45 flash estimate scheduled for 14 February 2017 and subsequently by the estimate of GDP and main aggregates scheduled for 7 March 2017.

Data on revisions for test estimations, showing that the preliminary flash estimation procedure is sufficiently reliable, are available in chapter 5 of the statistical working paper Euro area and EU GDP flash estimates at 30 days.

For more information

Eurostat website section on national accounts, and specifically the page on quarterly national accounts Eurostat database section on national accounts

Eurostat Statistics Explained article on measuring quarterly GDP Eurostat metadata on quarterly national accounts

European System of Accounts 2010 Eurostat €-indicators release calendar

Issued by: Eurostat Press Office Vincent BOURGEAIS

Tel: [phone]

[e-mail]

ec.europa.eu/eurostat/

@EU_Eurostat

For further information on data:

Arto KOKKINEN Tel: [phone] Marianthi DUNN Tel: [phone]

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