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March 10, 2020EU AND EURO AREA GDP, Q4 2019 [REVISED]
In the revised estimate, Eurostat reports that real GDP growth decelerated to 0.7 per cent (seasonally adjusted annualized rate) in the European Union (EU27) and 0.5 per cent in the Euro Area (EA19) in the fourth quarter of 2019. Previous estimates of growth in the fourth quarter were 0.4 percentage points lower both for the European Union and the Euro Area.
Comparing Q4 2019 with Q4 2018, seasonally adjusted real GDP rose by 1.2 per cent in the European Union and 1.0 per cent in the Euro Area.
Comparing annual growth for 2019 with 2018, GDP grew 1.5 per cent in the EU27 and 1.2 per cent in EA19. Real GDP growth has been slower in 2019 compared to 2018.
For the EU27, household consumption expenditure rose by 1.5 per cent and government consumption expenditures grew 1.7 per cent in 2019 compared to 2018. Gross fixed capital formation growth was stronger in 2019 with an increase of 5.4 percent. Growth in exports of goods and services slowed to 2.7 per cent in 2019 compared to 3.5 per cent in 2018. Import growth was strong in 2019 with an increase of 3.7 percent.
For 2019, household consumption expenditure slowed to 1.3 per cent compared to 1.4 per cent the previous year in the Euro Area. For EA19, gross fixed capital formation expanded at a faster pace with growth of 5.5 per cent. Exports from the Euro Area were down 2.5 per cent, a slower pace than the 3.3 per cent in 2018.
Note: EuroStat headline number have been changed to EU27 with the United Kingdom officially withdrawing from the European Union as of February 1, 2020.
Source: Eurostat
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