GDP up by 0.1% and employment by 0.3% in the euro area (fourth quarter of 2019)

GDP growth in the euro area and EU27 Seasonally adjusted GDP rose by 0.1% in the euro area (EA19) and by 0.2% in the EU27 during the fourth quarter of 2019, compared with the previous quarter, according to an estimate published today, 10 March, by Eurostat, the statistical office of the European Union. In the third quarter of 2019, GDP had grown by 0.3% in the euro area and by 0.4% in the EU27.

Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1.0% in the euro area and by 1.2% in the EU27 in the fourth quarter of 2019, after +1.3% and +1.6% respectively in the previous quarter.

For the year 2019 as a whole, GDP grew by 1.2% in the euro area and by 1.5% in the EU27, after +1.9% and +2.1% respectively in 2018.

During the fourth quarter of 2019, GDP in the United States increased by 0.5% compared with the previous quarter (after also +0.5% in the third quarter of 2019). Compared with the same quarter of the previous year, GDP grew by 2.3% (after +2.1% in the previous quarter).

GDP growth by Member State Among Member States for which data are available for the fourth quarter of 2019, Ireland (+1.8%), Malta (+1.7%) and Romania (+1.5%) recorded the highest growth compared with the previous quarter, followed by Lithuania and Hungary (both +1.0%).

Negative growth was observed in Greece and Finland (both -0.7%), Italy (-0.3%) and France (-0.1%). In Germany, the GDP remained stable.

GDP components and contributions to growth

During the fourth quarter of 2019, household final consumption expenditure rose by 0.1% in the euro area and by 0.3% in the EU27 (after +0.5% in both zones in the previous quarter). Gross fixed capital formation increased by 4.2% in the euro area and by 3.6% in the EU27 (after -3.8% and -3.0% respectively). Exports increased by 0.4% in the euro area and 0.2% in the EU27 (after +0.6% and +0.7% respectively). Imports increased by 2.2% in the euro area and by 1.8% in the EU27 (after -1.3% and -0.9% respectively).

Household final consumption expenditure had a positive contribution to GDP growth in both the euro area and the EU27 (+0.1 and +0.2 percentage points – pp, respectively) and the contribution from gross fixed capital formation was also positive (+0.9 and +0.8 pp respectively). The contribution of the external balance to GDP growth was negative for the euro area and for the EU27, and the contribution of changes in inventories was also negative for both zones (-0.1 pp for the euro area and -0.2 pp for the EU27).