EU GDP up by 0.2 per cent in Q1 2010 – Eurostat

EU GDP up by 0.2 per cent in Q1 2010 – Eurostat

Gross Domestic Product (GDP) increased by 0.2 per cent in both the euro zone and across the 27 member states of  the European Union during the first quarter of 2010, compared with the previous quarter, according to flash estimates released on May 12 2010 by Eurostat, the statistical office of the European Union. In the fourth quarter of 2009, growth rates were zero and 0.1 per cent, respectively.Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 0.5 per cent in the euro area and by 0.3 per cent in the EU27 in the first quarter of 2010, after -2.2 per cent and -2.3 per cent, respectively, in the previous quarter.Bulgaria, not a member of the euro zone, was said by Eurostat to have had a GDP in Q1 2010 that was four per cent less than in the same quarter of 2009.Separately, summing up industrial production, Eurostat said that in March 2010 compared with February 2010, seasonally adjusted industrial production grew by 1.3 per cent in the euro zone and by 1.2 per cent in the EU.In February, production increased by 0.7 per cent and 0.5 per cent, respectively. In March 2010 compared with March 2009, industrial production increased by 6.9 per cent in the euro area and by six per cent in the EU27. Monthly comparison In March 2010 compared with February 2010, production of capital goods grew by 1.5 per cent in the euro area and by 1.2 per cent in the EU27.Non-durable consumer goods rose by 1.2 per cent and 1.1 per cent, respectively.Durable consumer goods increased by 0.6 per cent in the euro area and remained stable in the EU27.Intermediate goods gained 0.5 per cent and 0.8 per cent, respectively. Production of energy decreased by 0.6  per cent in the euro area and by 0.2 per cent across the EU. Eurostat said that among the EU member states for which data were available, industrial production rose in 17 and fell in four.The highest increases were in Latvia (9.9 per cent), Portugal (7.2 per cent), Bulgaria (4.2 per cent) and Estonia (3.8 per cent), and the largest decreases in Ireland (-2.6 per cent) and the Netherlands (-two per cent). Annual comparison In March 2010 compared with March 2009, production of intermediate goods grew by 11.7 per cent in the euro area and by 10.6 per cent in the EU27.Production of energy increased by 4.9 per cent and 2.9 per cent, respectively.Non-durable consumer goods rose by 4.6 per cent in the euro area and by 3.2 per cent in the EU27.Capital goods gained 4.5 per cent and 4.9 per cent, respectively. Durable consumer goods grew by 2.2 per cent in the euro area and by 3.8 per cent in the EU. Among the EU member states for which data were available, industrial production rose in 18 and fell only in Greece (-4.5 per cent), Denmark (-1.9 per cent) and Bulgaria (-0.4 per cent).The highest increases were in Estonia (11.6 per cent), Latvia (11.4 per cent), Poland (11.2 per cent) and Germany (9.1 per cent).

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