Eurozone GDP


Eurozone: Second release confirms slight GDP acceleration in Q3

December 5, 2014

In the third quarter, Eurozone GDP expanded 0.2% over the previous period (Q2: +0.1% quarter-on-quarter). The result was in line with the flash estimate released by the statistical office (Eurostat) on 14 November. On an annual basis, the economy expanded 0.8%, which was in line with the 0.8% expansion recorded in the previous quarter.

The slowdown in Q3 was the result of stronger domestic demand, whereas the contribution from the external sector deteriorated compared to Q2. Private consumption rose 0.5% over the previous quarter, which was up from the 0.3% increase recorded in Q2. Meanwhile, government consumption increased 0.3% over the prior quarter, in line with the result recorded in Q2. Fixed investment contracted 0.3% over Q2, which was a smaller drop than the 0.7% drop recorded in Q2 but yet marked a second consecutive contraction.

Exports of goods and services rose 1.3% over the previous quarter, which was slightly down from the 1.3% increase recorded in Q2. Meanwhile, imports grew 1.4% (Q2: +1.3% qoq). Imports outpaced exports and thus the contribution of net exports to overall growth inched down from plus 0.1 percentage points in Q2 to zero percentage points in Q3.

FocusEconomics Consensus Forecast panelists expect the economy to expand 1.1% in 2015, which is down 0.1 percentage points from last month’s forecast. For 2016 panelists see the economy growing 1.5%.

Author:, Head of Data Solutions

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Eurozone GDP Chart

Euro GDP Q3 2014

Note: Quarter-on-quarter changes of seasonally-adjusted GDP and year-on-year variation in %.
Source: Eurostat

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