The gross domestic product increased by 0.2 per cent in both the euro area (EA16) and the EU27 during the first quarter of 2010, compared with the previous quarter, according to first estimates released by Eurostat, the statistical office of the European Union. In the fourth quarter of 2009, growth rates were +0.1 per cent in the euro area and +0.2 per cent in the EU27.

Compared with the first quarter of 2009, seasonally adjusted GDP increased by 0.6 per cent in the euro area and by 0.5 per cent in the EU27, after -2.1 per cent and -2.3 per cent respectively for the previous quarter.

Variation in components of GDP

During the first quarter of 2010, household final consumption expenditure fell by 0.1 per cent in the euro area and by 0.2 per cent in the EU27 (after +0.2 per cent in both zones in the previous quarter). Investments decreased by 1.1 per cent in the euro area and by 1.2 per cent in the EU27 (after -1.3 per cent and -1.6 per cent respectively). Exports increased by 2.5 per cent in the euro area and by 2.3 per cent in the EU27 (after +1.7 per cent and +1.9 per cent). Imports increased by 4.0 per cent in the euro area and by 3.4 per cent in the EU27 (after +1.2 per cent and +1.6 per cent).

US and Japanese GDP

In the United States GDP increased by 0.8 per cent during the first quarter of 2010, after +1.4 per cent in the fourth quarter of 2009. In Japan GDP increased by 1.2 per cent in the first quarter of 2010, after +1.0 per cent in the previous quarter.

Compared with the first quarter of 2009, GDP increased by 2.5 per cent in the United States (after +0.1 per cent in the previous quarter) and by 4.2 per cent in Japan (after -1.4 per cent).