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September 07, 2021EU AND EURO AREA GDP, Q2 2021 [REVISED] 
In a revised estimate (updated from the flash), Eurostat reported that real GDP increased 8.8% (seasonally adjusted annualized rate) in the European Union and 9.2% in the Euro Area in the second quarter of 2021. With gradual easing of restrictions, growth picked up in both regions. Real GDP in the European Union was 2.2% smaller in Q2 2021 than it was in Q4 2019. Real GDP in the Euro Area was 2.5% smaller than in Q4 2019.
Comparing Q2 2021 with Q1 2021 for the EU27, household consumption expenditure increased by 3.5% and government consumption expenditures was up 1.2%. Gross fixed capital formation increased by 1.0%. Exports of goods and services increased 1.8% and imports of goods and services increased 2.2%.
Comparing Q2 2021 with Q1 2021 for the Euro Area, household consumption expenditure increased by 3.7% and government consumption expenditures grew by 1.2%. Gross fixed capital formation increased by 1.1%. Exports of goods and services increased 2.2% and imports of goods and services increased 2.3%.
A seasonally adjusted annualized rate shows what the percent change would be if the quarterly rate was compounded for four quarters. Reporting annualized rates facilitates comparability between annual and quarterly growth but can exaggerate change when series are volatile. The COVID-19 shocks do not indicate growth of EU GDP by 8.8% in Q2. It would take four quarters of compounded growth at the same pace as reported in Q2 to increase EU GDP by 8.8%. Real GDP in Q2 increased 2.1% in the EU27 and 2.2% in the EA19 compared to the previous quarter (non-annualized).
Source: Eurostat
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