Meanwhile in the Euroarea GDP rose by 0.3% and by 0.4% in the EU28 during the third quarter of 2016, compared with the previous quarter, according to an estimate published by Eurostat. In the second quarter of 2016, GDP also grew by 0.3% and 0.4% respectively.

Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1.7% in the euro area and by 1.9% in the EU28 in the third quarter of 2016, after also +1.7% and +1.9% respectively in the previous quarter.

Among Member States for which data are available for the third quarter of 2016, Croatia (+1.7%), Slovenia (+1.0%), Greece and Portugal (both +0.8%) recorded the highest growth compared with the previous quarter, while Lithuania recorded the lowest growth (+0.1%).

During the third quarter of 2016, household final consumption expenditure rose by 0.3% in the euro area and by 0.4% in the EU28 (after +0.2% and +0.4% respectively in the previous quarter). Gross fixed capital formation increased by 0.2% in both zones (after +1.2% and +1.1%). Exports rose by 0.1% in both the euro area and the EU28 (after +1.2% and +1.0%). Imports increased by 0.2% in the euro area, while they decreased by 0.1% in the EU28 (after +1.2% and +1.3%). Household final consumption expenditure had a positive contribution to GDP growth in both the euro area and the EU28 (+0.2 percentage points for both zones), while the contribution from gross fixed capital formation was neutral in both zones. The contribution of the external balance to GDP growth was negative for the euro area and neutral for the EU28, while the contribution of changes in inventories was positive for the euro area and neutral for the EU28.

Source: Famagusta Gazette