Euro Area 18 – GDP 1Q2014

by Eduardo Petazze

In the 1Q2014, GDP in the Euro Area (EA18) grew by 0.18% Q/Q, SA (+0.89% Y/Y)In the European Union (EU-28), GDP grew by 0.3% Q/Q, SA (+1.4% Y/Y)

EuroStat release its second estimate of the GDP in the EA and in the EU for the 1Q2014 Link: pdf, 6 pages

SummaryConsolidated data (including our own preliminary estimate for the rest of the year)

Gross data

Seasonally adjusted and adjusted data by working days

Breakdown by countryGross data

Seasonally adjusted and adjusted data by working days

EA18 – Millions (2005) of euro, NSA 2013Q1 2013Q2 2013Q3 2013Q4 2014Q1 2014Q2 2014Q3 2014Q4Agriculture, forestry and fishing 27,224 33,251 36,722 38,384 28,021 33,794 37,147 38,539Industry (except construction) 372,356 379,972 370,077 383,405 375,173 380,655 369,411 383,845

Manufacturing 312,728 327,435 318,276 325,126 321,068 330,655 320,107 327,494Construction 88,275 99,251 97,572 98,687 88,135 98,047 94,957 96,376Wholesale and retail trade, transport, accomodation and food 345,332 366,847 375,510 362,929 349,401 369,200 375,819 363,713Information and communication 103,368 104,065 101,809 106,234 103,173 103,546 101,397 105,871Financial and insurance activities 111,506 111,061 108,688 110,001 112,197 111,122 108,446 110,119Real estate activities 210,746 214,105 214,275 214,664 212,108 215,512 215,538 215,756Professional, scientific and technical activities; administrative and support 192,223 196,112 198,608 204,658 196,981 198,186 200,628 207,707Public administration, defence, education, human health and social work 364,313 368,767 364,881 372,658 367,375 370,953 366,388 373,265Arts, entertainment and recreation and other 67,660 67,362 68,363 67,825 68,126 67,424 68,293 67,771Residual -3,765 -2,602 -2,072 -2,928 -3,564 -2,386 -2,314 -3,001

GVA 1,879,238 1,938,191 1,934,433 1,956,517 1,897,126 1,946,053 1,935,710 1,959,961Taxes less subsidies on products 201,298 202,554 203,448 211,832 202,077 201,852 202,034 210,942Residual -590 -928 -845 -472 -661 -1,029 -934 -544

GDP 2,079,946 2,139,817 2,137,036 2,167,877 2,098,542 2,146,877 2,136,810 2,170,358Household and NPISH final consumption expenditure 1,176,690 1,185,757 1,201,801 1,214,821 1,180,323 1,185,624 1,197,035 1,210,298Final consumption expenditure of general government 447,855 456,499 450,134 473,492 452,458 456,921 450,183 475,536Gross capital formation 366,527 387,357 383,807 381,256 373,917 391,387 377,604 378,443

Gross fixed capital formation 350,368 390,596 376,174 399,278 358,265 390,765 371,342 393,998Exports of goods and services 954,182 999,648 994,573 1,006,814 992,078 1,022,346 1,019,236 1,030,471Imports of goods and services 864,373 888,150 892,057 907,101 898,472 907,458 905,053 922,485Residual -936 -1,293 -1,223 -1,406 -1,763 -1,944 -2,195 -1,904Last consolidated dataOwn estimate

Y/Y 2013Q1 2013Q2 2013Q3 2013Q4 2014Q1 2014Q2 2014Q3 2014Q4Agriculture, forestry and fishing -3.01% -0.62% -0.35% 1.85% 2.93% 1.63% 1.16% 0.40%Industry (except construction) -3.09% -0.41% 0.00% 1.08% 0.76% 0.18% -0.18% 0.11%

Manufacturing -3.94% -0.26% -0.05% 1.44% 2.67% 0.98% 0.58% 0.73%Construction -6.39% -4.71% -2.81% -2.21% -0.16% -1.21% -2.68% -2.34%Wholesale and retail trade, transport, accomodation and food -2.38% -0.94% 0.38% 0.69% 1.18% 0.64% 0.08% 0.22%Information and communication -0.65% -0.33% -0.77% -0.97% -0.19% -0.50% -0.40% -0.34%Financial and insurance activities -0.28% -0.65% 0.04% -1.51% 0.62% 0.06% -0.22% 0.11%Real estate activities 0.58% 0.68% 0.79% 0.99% 0.65% 0.66% 0.59% 0.51%Professional, scientific and technical activities; administrative and support -0.71% 1.22% 1.68% 1.93% 2.48% 1.06% 1.02% 1.49%Public administration, defence, education, human health and social work -0.19% -0.01% 0.19% 0.57% 0.84% 0.59% 0.41% 0.16%Arts, entertainment and recreation and other -1.23% -0.34% -0.30% -0.03% 0.69% 0.09% -0.10% -0.08%

GVA -1.60% -0.41% 0.18% 0.55% 0.95% 0.41% 0.07% 0.18%Taxes less subsidies on products -3.35% -1.11% -0.56% -0.42% 0.39% -0.35% -0.70% -0.42%

GDP -1.78% -0.48% 0.10% 0.45% 0.89% 0.33% -0.01% 0.11%Household and NPISH final consumption expenditure -1.86% -0.88% -0.20% 0.31% 0.31% -0.01% -0.40% -0.37%Final consumption expenditure of general government -0.20% 0.00% 0.56% 0.07% 1.03% 0.09% 0.01% 0.43%Gross capital formation -7.01% -4.28% -0.51% -0.02% 2.02% 1.04% -1.62% -0.74%

Gross fixed capital formation -6.43% -3.14% -1.74% -0.58% 2.25% 0.04% -1.28% -1.32%Exports of goods and services -0.94% 2.12% 1.68% 2.71% 3.97% 2.27% 2.48% 2.35%Imports of goods and services -2.48% 0.32% 1.35% 2.28% 3.94% 2.17% 1.46% 1.70%

Millions (2005) of euro, SAWD 2013Q1 2013Q2 2013Q3 2013Q4 2014Q1 2014Q2 2014Q3 2014Q4Agriculture, forestry and fishing 33,727 33,804 33,852 34,275 34,888 34,327 34,083 34,203Industry (except construction) 374,864 376,824 377,181 379,520 378,411 376,829 377,109 376,734

Manufacturing 318,808 321,472 321,518 324,630 326,486 324,297 324,233 324,308Construction 96,572 95,731 95,901 95,986 96,444 94,299 93,723 93,050Wholesale and retail trade, transport, accomodation and food 360,452 362,735 363,659 364,731 366,230 363,820 363,954 364,129Information and communication 104,074 104,274 103,567 103,708 103,761 103,674 103,428 103,124Financial and insurance activities 110,493 110,095 110,716 110,098 110,898 110,508 110,438 110,041Real estate activities 212,765 212,983 213,631 214,393 213,943 214,367 214,934 215,669Professional, scientific and technical activities; administrative and support 196,174 197,983 198,616 199,086 199,304 200,363 201,684 202,151Public administration, defence, education, human health and social work 366,777 367,191 367,628 369,175 369,482 368,932 369,163 370,405Arts, entertainment and recreation and other 67,770 67,858 67,925 67,887 68,016 67,859 67,864 67,876Residual -2,891 -2,965 -2,827 -2,744 -2,797 -3,036 -2,778 -2,654

GVA 1,920,776 1,926,511 1,929,847 1,936,116 1,938,579 1,931,943 1,933,601 1,934,727Taxes less subsidies on products 204,368 205,468 204,994 204,279 205,651 204,231 203,842 203,180Residual -690 -661 -714 -804 -737 -766 -802 -862

GDP 2,124,454 2,131,318 2,134,127 2,139,591 2,143,493 2,135,407 2,136,641 2,137,046Household and NPISH final consumption expenditure 1,192,463 1,194,692 1,196,252 1,196,723 1,197,806 1,191,696 1,191,542 1,192,236Final consumption expenditure of general government 456,769 456,883 458,015 456,397 457,733 458,354 459,696 459,315Gross capital formation 379,155 375,155 383,404 383,208 389,123 377,557 377,998 376,673

Gross fixed capital formation 377,762 378,340 380,073 383,441 384,767 377,348 376,042 376,214Exports of goods and services 969,489 992,344 992,731 1,006,249 1,009,520 1,014,276 1,017,581 1,022,753Imports of goods and services 872,719 886,580 894,819 901,318 908,889 904,393 908,346 911,839Residual -702 -1,176 -1,455 -1,668 -1,800 -2,082 -1,830 -2,092Last consolidated dataOwn estimate

Q/Q 2013Q1 2013Q2 2013Q3 2013Q4 2014Q1 2014Q2 2014Q3 2014Q4Agriculture, forestry and fishing 0.28% 0.23% 0.14% 1.25% 1.79% -1.61% -0.71% 0.35%Industry (except construction) 0.28% 0.52% 0.09% 0.62% -0.29% -0.42% 0.07% -0.10%

Manufacturing -0.03% 0.84% 0.01% 0.97% 0.57% -0.67% -0.02% 0.02%Construction -1.26% -0.87% 0.18% 0.09% 0.48% -2.22% -0.61% -0.72%Wholesale and retail trade, transport, accomodation and food -0.17% 0.63% 0.25% 0.29% 0.41% -0.66% 0.04% 0.05%Information and communication -0.16% 0.19% -0.68% 0.14% 0.05% -0.08% -0.24% -0.29%Financial and insurance activities -1.26% -0.36% 0.56% -0.56% 0.73% -0.35% -0.06% -0.36%Real estate activities -0.05% 0.10% 0.30% 0.36% -0.21% 0.20% 0.26% 0.34%Professional, scientific and technical activities; administrative and support 0.40% 0.92% 0.32% 0.24% 0.11% 0.53% 0.66% 0.23%Public administration, defence, education, human health and social work -0.38% 0.11% 0.12% 0.42% 0.08% -0.15% 0.06% 0.34%Arts, entertainment and recreation and other -0.40% 0.13% 0.10% -0.06% 0.19% -0.23% 0.01% 0.02%

GVA -0.18% 0.30% 0.17% 0.32% 0.13% -0.34% 0.09% 0.06%Taxes less subsidies on products -0.47% 0.54% -0.23% -0.35% 0.67% -0.69% -0.19% -0.32%

GDP -0.21% 0.32% 0.13% 0.26% 0.18% -0.38% 0.06% 0.02%Household and NPISH final consumption expenditure -0.22% 0.19% 0.13% 0.04% 0.09% -0.51% -0.01% 0.06%Final consumption expenditure of general government 0.19% 0.03% 0.25% -0.35% 0.29% 0.14% 0.29% -0.08%Gross capital formation -0.41% -1.05% 2.20% -0.05% 1.54% -2.97% 0.12% -0.35%

Gross fixed capital formation -1.63% 0.15% 0.46% 0.89% 0.35% -1.93% -0.35% 0.05%Exports of goods and services -0.83% 2.36% 0.04% 1.36% 0.33% 0.47% 0.33% 0.51%Imports of goods and services -0.77% 1.59% 0.93% 0.73% 0.84% -0.49% 0.44% 0.38%

GDP , NSA – million (2005) euro 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3 2013Q4 2014Q1EU-28 2,894,245 2,933,478 2,936,749 2,990,095 2,856,134 2,934,963 2,952,841 3,019,859 2,895,882

Non Euro countries and adjusted 776,511 783,258 801,907 831,984 776,188 795,145 815,805 851,982 797,340EA-18 2,117,733 2,150,220 2,134,842 2,158,110 2,079,946 2,139,817 2,137,036 2,167,877 2,098,542

adjusted -6,289 -5,500 -5,330 -8,379 -7,001 -6,701 -5,475 -7,880 -8,451Belgium 79,723 83,002 79,073 85,335 79,298 83,058 79,398 86,022 80,213Germany 615,825 611,654 630,006 614,213 606,205 617,104 636,957 622,054 621,442Estonia 3,006 3,262 3,156 3,302 3,045 3,296 3,178 3,312 2,999Ireland 41,433 42,815 41,805 41,238 40,710 42,122 42,925 40,967 41,069Greece 39,679 42,505 44,305 40,947 37,281 40,788 42,905 40,008 36,869Spain 229,701 239,927 225,717 237,803 223,858 235,948 224,455 237,478 225,662France 456,722 457,011 447,228 468,057 453,647 460,049 449,959 470,607 456,755Italy 341,347 351,033 350,155 348,483 332,480 343,125 345,126 344,497 330,861Cyprus 3,680 3,855 3,820 3,668 3,487 3,621 3,623 3,479 3,345Latvia 3,050 3,438 3,583 3,739 3,166 3,588 3,748 3,874 3,242Luxembourg 8,182 8,319 8,096 8,691 8,236 8,523 8,334 8,908 8,480Malta 1,325 1,385 1,486 1,462 1,347 1,431 1,520 1,493 1,380Netherlands 136,242 139,430 132,328 139,529 133,727 137,067 131,537 140,694 133,115Austria 66,267 66,879 68,864 69,536 65,906 66,842 69,220 70,457 66,193Portugal 37,765 38,558 37,890 37,291 36,090 37,671 37,217 38,457 36,525Slovenia 7,608 7,847 7,775 7,537 7,257 7,734 7,737 7,698 7,394Slovakia 11,756 12,649 13,358 12,948 11,814 12,752 13,475 13,149 12,098Finland 40,712 42,151 41,526 42,712 39,395 41,799 41,200 42,605 39,352Own estimate based on official dataLast dataOwn estimate

NSA, Y/Y 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3 2013Q4 2014Q1EU-28 0.64% -0.77% -0.58% -0.80% -1.32% 0.05% 0.55% 1.00% 1.39%

Non Euro countries and adjusted 1.95% -0.46% 0.27% -0.27% -0.04% 1.52% 1.73% 2.40% 2.73%EA-18 0.17% -0.88% -0.89% -1.01% -1.78% -0.48% 0.10% 0.45% 0.89%

adjustedBelgium 0.37% -0.09% -0.24% -0.58% -0.53% 0.07% 0.41% 0.80% 1.15%Germany 1.80% 0.56% 0.41% 0.00% -1.56% 0.89% 1.10% 1.28% 2.51%Estonia 5.03% 2.50% 3.45% 4.87% 1.31% 1.05% 0.70% 0.30% -1.51%Ireland 1.80% 0.36% -0.52% -0.98% -1.75% -1.62% 2.68% -0.66% 0.88%Greece -7.82% -7.39% -7.73% -4.87% -6.04% -4.04% -3.16% -2.29% -1.11%Spain -1.34% -1.68% -1.67% -1.86% -2.54% -1.66% -0.56% -0.14% 0.81%France 0.91% -0.07% 0.32% 0.18% -0.67% 0.66% 0.61% 0.54% 0.69%Italy -1.36% -2.87% -2.70% -2.50% -2.60% -2.25% -1.44% -1.14% -0.49%Cyprus -1.55% -2.45% -1.97% -3.67% -5.25% -6.08% -5.16% -5.14% -4.08%Latvia 7.11% 4.86% 4.60% 4.62% 3.83% 4.37% 4.62% 3.62% 2.39%Luxembourg -0.62% 0.00% -0.49% 0.37% 0.66% 2.45% 2.93% 2.50% 2.97%Malta -1.08% 1.23% 0.99% 1.35% 1.64% 3.32% 2.30% 2.16% 2.45%Netherlands -1.13% -0.68% -1.73% -1.47% -1.85% -1.69% -0.60% 0.83% -0.46%Austria 1.91% -0.25% 0.54% 1.31% -0.54% -0.06% 0.52% 1.32% 0.44%Portugal -0.74% -4.06% -2.57% -5.44% -4.44% -2.30% -1.78% 3.13% 1.20%Slovenia -0.21% -3.48% -3.04% -3.34% -4.62% -1.44% -0.49% 2.15% 1.89%Slovakia 2.66% 2.33% 1.90% 0.44% 0.49% 0.81% 0.87% 1.55% 2.41%Finland 1.28% -0.90% -1.73% -2.52% -3.23% -0.83% -0.79% -0.25% -0.11%

GDP , SAWD – million (2005) euro 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3 2013Q4 2014Q1EU-28 2,947,056 2,940,073 2,940,450 2,927,488 2,926,099 2,937,948 2,946,516 2,958,154 2,967,140

Non Euro countries and adjusted 797,963 796,774 800,398 798,601 801,645 806,630 812,389 818,563 823,647EA-18 2,149,094 2,143,298 2,140,052 2,128,887 2,124,454 2,131,318 2,134,127 2,139,591 2,143,493

adjusted -5,986 -6,131 -6,566 -6,646 -6,516 -6,938 -7,060 -7,190 -4,004Belgium 82,048 81,748 81,707 81,635 81,633 81,798 82,037 82,270 82,585Germany 618,759 618,258 619,482 616,645 616,673 621,122 623,124 625,515 630,632Estonia 3,161 3,157 3,195 3,213 3,206 3,196 3,212 3,217 3,179Ireland 41,906 42,196 41,494 41,591 41,143 41,564 42,189 41,827 41,540Greece 42,692 42,065 41,408 41,273 40,162 40,306 40,320 40,193 37,291Spain 235,058 233,894 232,995 231,202 230,479 230,167 230,345 230,747 231,596France 457,678 456,276 457,662 456,494 456,663 459,402 459,161 460,011 460,137Italy 350,593 348,724 347,432 344,282 342,258 341,288 340,805 341,017 340,591Cyprus 3,812 3,785 3,742 3,684 3,623 3,559 3,527 3,501 3,475Latvia 3,340 3,413 3,467 3,507 3,566 3,568 3,610 3,638 3,663Luxembourg 8,275 8,295 8,302 8,406 8,339 8,496 8,550 8,606 8,579Malta 1,402 1,411 1,417 1,426 1,426 1,454 1,451 1,458 1,460Netherlands 137,330 138,094 136,691 135,711 135,479 135,494 135,645 136,953 135,075Austria 67,691 67,851 67,857 67,885 67,879 67,895 68,092 68,367 68,589Portugal 38,494 38,122 37,809 37,078 36,934 37,355 37,442 37,704 37,438Slovenia 7,806 7,707 7,672 7,555 7,564 7,579 7,609 7,698 7,676Slovakia 12,644 12,676 12,700 12,692 12,711 12,767 12,821 12,891 12,968Finland 42,392 41,759 41,589 41,255 41,234 41,246 41,246 41,169 41,022Own estimate based on official dataLast dataOwn estimate

SA , Q/Q 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3 2013Q4 2014Q1EU-28 -0.03% -0.24% 0.01% -0.44% -0.05% 0.40% 0.29% 0.39% 0.30%

Non Euro countries and adjusted 0.05% -0.15% 0.45% -0.22% 0.38% 0.62% 0.71% 0.76% 0.62%EA-18 -0.06% -0.27% -0.15% -0.52% -0.21% 0.32% 0.13% 0.26% 0.18%

adjustedBelgium 0.10% -0.37% -0.05% -0.09% -0.00% 0.20% 0.29% 0.28% 0.38%Germany 0.66% -0.08% 0.20% -0.46% 0.00% 0.72% 0.32% 0.38% 0.82%Estonia 2.34% -0.13% 1.21% 0.58% -0.24% -0.30% 0.52% 0.16% -1.19%Ireland -0.26% 0.69% -1.66% 0.23% -1.08% 1.02% 1.50% -0.86% -0.69%Greece -1.79% -1.47% -1.56% -0.33% -2.69% 0.36% 0.04% -0.32% -7.22%Spain -0.43% -0.50% -0.38% -0.77% -0.31% -0.14% 0.08% 0.17% 0.37%France 0.25% -0.31% 0.30% -0.26% 0.04% 0.60% -0.05% 0.19% 0.03%Italy -1.06% -0.53% -0.37% -0.91% -0.59% -0.28% -0.14% 0.06% -0.12%Cyprus -0.24% -0.72% -1.13% -1.56% -1.65% -1.76% -0.90% -0.75% -0.73%Latvia 0.66% 2.16% 1.58% 1.15% 1.69% 0.05% 1.20% 0.76% 0.71%Luxembourg -1.31% 0.24% 0.09% 1.24% -0.79% 1.88% 0.65% 0.65% -0.32%Malta -0.30% 0.66% 0.41% 0.62% 0.04% 1.95% -0.20% 0.44% 0.15%Netherlands -0.19% 0.56% -1.02% -0.72% -0.17% 0.01% 0.11% 0.96% -1.37%Austria 0.44% 0.24% 0.01% 0.04% -0.01% 0.02% 0.29% 0.40% 0.33%Portugal -0.08% -0.97% -0.82% -1.93% -0.39% 1.14% 0.23% 0.70% -0.70%Slovenia -0.22% -1.26% -0.45% -1.52% 0.11% 0.21% 0.39% 1.17% -0.29%Slovakia 0.35% 0.25% 0.19% -0.06% 0.14% 0.45% 0.42% 0.55% 0.60%Finland 0.31% -1.49% -0.41% -0.80% -0.05% 0.03% 0.00% -0.19% -0.36%