Flash estimate for the first quarter of 2016: GDP up by 0.5% in both the euro area and the EU28 | WPN World People News

Seasonally adjusted GDP rose by 0.5% in both the euro area (EA19) and the EU28 during the first quarter of 2016, compared with the previous quarter, according to a flash estimate published by Eurostat, the statistical office of the European Union. In the fourth quarter of 2015, GDP grew by 0.3% and 0.4% respectively.

Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1.5% in the euro area and by 1.7% in the EU28 in the first quarter of 2016, after +1.6% and +1.8% respectively in the previous quarter.

During the first quarter of 2016, GDP in the United States increased by 0.1% compared with the previous quarter (after +0.3% in the fourth quarter of 2015). Compared with the same quarter of the previous year, GDP grew by 1.9% (after +2.0% in the previous quarter).

Geographical information

The euro area (EA19) includes Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.

The European Union (EU28) includes Belgium, Bulgaria, the Czech Republic, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden and the United Kingdom.

Methods and definitions

European quarterly national accounts are compiled in accordance with the European System of Accounts 2010 (ESA 2010). The flash estimate of the first quarter of 2016 GDP growth presented in this release is based on Member States’ data as available, covering 97% of EA19 GDP (93% of EU28 GDP).

Revisions and timetable

A preliminary flash estimation of GDP growth was published in News Release 86/2016 issued on 29 April 2016. This was based on a more limited data set than the one used for the present News Release and, additionally, on preliminary flash estimates for some Member States, which have now been revised.

The published GDP growth rate for the first quarter of 2016 compared with the previous quarter, which had been estimated at
+0.6% for the euro area and at +0.5% for the EU28, has been revised downwards to +0.5% for the euro area and remains
unchanged for the EU28 in the present release. Compared with the first quarter of 2015, GDP growth, which had been estimated at +1.6% for the euro area and +1.7% for the EU28 has been revised downwards to +1.5% for the euro area and remains unchanged for the EU28.

With the flash estimate, euro area and EU GDP figures for earlier quarters are not revised. All figures presented in this release may be revised with the GDP and main aggregates estimate scheduled for 7 June 2016.

Data on previous revisions showing that the flash estimation procedure is reliable are available on the Eurostat website here.

source: Eurostat