6 March 2015

Seasonally adjusted GDP rose by 0.3% in the euro area1 (EA18) and by 0.4% in the EU281 during the fourth quarter of 2014, compared with the previous quarter, according to a second estimate2 published by Eurostat, the statistical office of the European Union. In the third quarter of 2014, GDP grew by 0.2% in the euro area and by 0.3% in the EU28. Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 0.9% in the euro area and by 1.3% in the EU28 in the fourth quarter of 2014, after +0.8% and +1.2% respectively in the previous quarter. 

During the fourth quarter of 2014, GDP in the United States  increased by 0.5% compared with the previous quarter (after +1.2% in the third quarter of 2014). Compared with the same quarter of the previous year, GDP grew by 2.4% (after +2.7% in the previous quarter).

Over the whole year 2014, GDP rose by 0.9% in the euro area and by 1.3% in the EU28, compared to -0.5% and 0.0% in 2013. In the United States, GDP grew by 2.4% in 2014 and by 2.2% in 2013.

GDP growth by Member State
Among Member States for which data are available for the fourth quarter of 2014, Estonia and Sweden (both +1.1%), Hungary (+0.9%), Germany, Spain and Poland (all +0.7%) recorded the highest growth compared with the previous quarter. Cyprus (-0.7%), Greece (-0.4%), Austria and Finland (both -0.2%) registered decreases.

GDP components and contributions to growth
During the fourth quarter of 2014, household3 final consumption expenditure rose by 0.4% in the euro area and by 0.5% in the EU28 (after +0.5% in both zones in the previous quarter). Gross fixed capital formation increased by 0.4% in both the euro area and the EU28 (after 0.0% and +0.3%). Exports rose by 0.8% in the euro area and by 1.3% in the EU28 (after +1.5% and +1.1%). Imports increased by 0.4% in the euro area and by 0.8% in the EU28 (after +1.7% and +1.6%).

Household final consumption expenditure had a positive contribution to GDP growth both in the euro area and the EU28 (+0.2 and +0.3 percentage points respectively). Gross fixed capital formation also had a positive contribution to GDP growth in the euro area and the EU28 (+0.1 pp for both zones). The contribution of the external balance to GDP growth was positive for both zones, while the contribution of changes in inventories was negative (-0.2 pp in
both the euro area and the EU28).