STAT/10/120
13 August 2010
Flash estimates for the second quarter of 2010
Euro area and EU27 GDP up by 1.0%
+1.7% in both zones compared with the second quarter of 2009
GDP increased by 1.0% in both the euro area1 (EA16) and the EU271 during the second quarter of 2010, compared with the previous quarter, according to flash estimates published by Eurostat, the statistical office of the European Union. In the first quarter of 2010, growth rates were +0.2% in both zones.
Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 1.7% in both the euro area and the EU27 in the second quarter of 2010, after +0.6% and +0.5% respectively in the previous quarter.
During the second quarter of 2010, US GDP increased by 0.6% compared with the previous quarter, after +0.9% in the first quarter of 2010. US GDP rose by 3.2% compared with the same quarter of the previous year (+2.4% in the previous quarter).
The euro area (EA16) consists of Belgium, Germany, Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.
The EU27 includes Belgium, Bulgaria, the Czech Republic, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden and the United Kingdom.
Summary quality information
European quarterly national accounts are compiled in accordance with the European System of Accounts 1995 (ESA95). The flash estimate of second quarter 2010 GDP growth presented in this release is based on Member States’ data as available, directly covering 97% of EA16 GDP (92% of EU27 GDP). For more details of the flash methodology please refer to News Release 55/2003 of 15 May 2003.
Simulations and previously published flash estimates have shown the flash estimation procedure to be reliable. Over the last 38 quarters, the flash estimate of GDP growth on the previous quarter for the euro area (EA12) when compared to the following first regular release has led to an average revision of less than 0.01 percentage points. It correctly anticipated the acceleration or deceleration of growth 33 times. The value of the growth rate was correctly anticipated 33 times and differed by
±0.1 percentage points 5 times.
With this flash estimate, euro area and EU GDP figures for earlier quarters are not revised, so the growth rates till the first quarter 2010, published in News Release 101/2010 of 7 July 2010, remain unchanged. All figures presented in this release are subject to further revision with the two regular estimates of GDP for the second quarter 2010, scheduled for 2 September 2010 and 6 October 2010. First estimates for National Accounts employment in the second quarter 2010 are scheduled for
15 September 2010.
Issued by: Eurostat Press Office Tim ALLEN Tel: +352-4301-33 444 eurostat-pressoffice@ec.europa.eu Eurostat news releases on the Internet: | For further information on data: Jukka JALAVA Tel: +352-4301-38 435 Tomas DUCHON Tel: +352-4301-32 383 |
Selected Principal European Economic Indicators: http://ec.europa.eu/eurostat/euroindicators
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 | |||||||
2009 | 2010 | 2009 | 2010 | |||||
Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | |
EA16 | 0.4 | 0.1 | 0.2 | 1.0 | -4.1 | -2.1 | 0.6 | 1.7 |
EU27 | 0.3 | 0.2 | 0.2 | 1.0 | -4.3 | -2.3 | 0.5 | 1.7 |
Member States | ||||||||
Belgium | 1.0 | 0.4 | 0.0 | 0.7 | -2.7 | -0.1 | 1.6 | 2.2 |
Bulgaria** | : | : | : | : | -5.4 | -5.9 | -3.6 | -1.5 |
Czech Republic | 0.5 | 0.5 | 0.3 | 0.8 | -4.4 | -3.2 | 0.9 | 2.2 |
Denmark | 0.6 | 0.2 | 0.5 | : | -5.3 | -2.9 | -0.6 | : |
Germany | 0.7 | 0.3 | 0.5 | 2.2 | -4.4 | -2.0 | 2.0 | 3.7 |
Estonia** | -0.2 | 2.4 | -2.0 | 2.0 | -15.6 | -9.5 | -2.0 | 3.5 |
Ireland | -0.2 | -2.7 | 2.7 | : | -7.7 | -5.6 | -0.6 | : |
Greece | -0.5 | -0.8 | -0.8 | -1.5 | -2.5 | -2.6 | -2.3 | -3.5 |
Spain | -0.3 | -0.1 | 0.1 | 0.2 | -4.0 | -3.1 | -1.3 | -0.2 |
France | 0.3 | 0.6 | 0.2 | 0.6 | -2.7 | -0.5 | 1.2 | 1.7 |
Italy | 0.4 | -0.1 | 0.4 | 0.4 | -4.7 | -2.8 | 0.5 | 1.1 |
Cyprus | -0.6 | -0.3 | 0.3 | 0.4 | -2.6 | -2.7 | -1.4 | -0.2 |
Latvia | -3.8 | -1.5 | 0.3 | 0.1 | -19.3 | -16.8 | -5.1 | -3.9 |
Lithuania | 1.0 | 1.3 | -4.0 | 2.9 | -14.7 | -12.5 | -2.7 | 1.1 |
Luxembourg | 4.5 | 1.2 | -0.3 | : | -2.2 | 1.1 | 2.9 | : |
Hungary | -0.6 | 0.0 | 0.6 | 0.0 | -6.7 | -4.7 | -1.2 | 0.1 |
Malta | 0.5 | 1.0 | 0.8 | : | -1.5 | 0.7 | 2.3 | : |
Netherlands** | 0.6 | 0.6 | 0.5 | 0.9 | -3.7 | -2.2 | 0.6 | 2.1 |
Austria | 0.6 | 0.4 | 0.0 | 0.9 | -4.0 | -2.1 | 0.2 | 2.0 |
Poland | 0.6 | 1.1 | 0.5 | : | 1.4 | 2.8 | 2.8 | : |
Portugal | 0.2 | -0.1 | 1.1 | 0.2 | -2.3 | -1.0 | 1.8 | 1.4 |
Romania | 0.1 | -1.5 | -0.3 | : | -7.6 | -6.9 | -3.2 | : |
Slovenia | 0.1 | -0.3 | -0.5 | : | -8.8 | -6.3 | -0.8 | : |
Slovakia | 1.1 | 1.7 | 0.8 | 1.2 | -5.2 | -3.9 | 4.5 | 4.9 |
Finland | 0.6 | -0.2 | -0.4 | : | -8.3 | -5.6 | -0.4 | : |
Sweden | 0.4 | 0.5 | 1.5 | 1.2 | -5.9 | -1.5 | 3.0 | 3.6 |
United Kingdom | -0.3 | 0.4 | 0.3 | 1.1 | -5.3 | -2.9 | -0.2 | 1.6 |
EFTA countries | ||||||||
Iceland | -5.4 | 0.7 | 0.6 | : | -10.9 | -7.9 | -6.8 | : |
Norway | 0.5 | 0.1 | -0.1 | : | -1.2 | -1.3 | -0.5 | : |
Switzerland | 0.5 | 0.8 | 0.4 | : | -1.4 | 0.1 | 1.7 | : |
Main economic partners | ||||||||
United States | 0.4 | 1.2 | 0.9 | 0.6 | -2.7 | 0.2 | 2.4 | 3.2 |
Japan | 0.1 | 1.1 | 1.2 | : | -4.9 | -1.4 | 4.2 | : |
: Data not available
* The seasonal adjustment includes a working-day correction for the following Member States: Belgium, the Czech Republic, Germany, Estonia, Spain, France, Italy, Cyprus, Latvia, Lithuania, Hungary, Malta, the Netherlands, Austria, Poland, Slovenia, Slovakia, Finland, Sweden and the United Kingdom.
** Percentage change compared to the same quarter of the previous year calculated from non-seasonally adjusted data.
