Eurozone and European Union Q3 2019 GDP grows by 0.3% (QoQ); Germany, Italy and Austria economic growth at just 0.1%

Q3 2019 GDP was up by 0.3 % in both the Eurozone (EA19) and in the European Union (EU28), compared to Q2 2019. In Q2 2019, GDP grew by 0.2 % in the Eurozone (EA19) and in the European Union (EU28). Compared with the Q3 2018 (same quarter of the previous year), seasonally adjusted GDP rose by 1.2 % in the Eurozone (EA19) and by 1.4 % in the European Union (EU28) in Q3 2019.

 

GDP growth by Member State

Among the Member States, Ireland (+1.7%), Malta (+1.4%), Poland (+1.3%) recorded the highest growth in the third quarter (Q3) of 2019 compared with the previous quarter, while lowest growth was recorded in Germany, Italy and Austria, all at just 0.1 %.

 

GDP components

During Q3 2019, household final consumption expenditure rose by 0.5 % in the Eurozone (EA19) and in the European Union (EU28).

Gross fixed capital formation was negative in the Eurozone (EA19) at -3.8 % and in the European Union (EU28) at -2.7%.

Exports rose by 0.7% in the Eurozone (EA19) and by 1.5% in the European Union (EU28). Imports decreased by 1.2% in the Eurozone (EA19) and by 0.7% in European Union (EU28).

Household final consumption expenditure had a positive contribution to GDP growth in both the Eurozone (EA19) and the European Union (EU28) at +0.3%. The contribution of gross fixed capital formation was -0.8% in the Eurozone (EA19) -0.6% in the European Union (EU28). The change in inventories was negative in the Eurozone (EA19) at -0.1% and in the European Union (EU28) was -0.4%, while the contribution of the external balance was positive in both the Eurozone (E19) at +0.9% and in the European Union at +1.0%.

The Eurozone or Euro area (EA19) currently 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) currently includes Belgium, Bulgaria, Czechia (formerly 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.

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