Euro area GDP increases by 0.3 percent in the fourth quarter of 2010

Euro area GDP increases by 0.3 percent in the fourth quarter of 2010

2011-03-04 01:31:58 GMT+7 (ICT)

BRUSSELS (BNO NEWS) -- Eurostat, the statistical office of the European Union, on Thursday announced that the Euro area Gross Domestic Product (GDP) increased by 0.3 percent in the fourth quarter of 2010.

The increase was registered in the 17 countries of the EU, including the recently admitted member state Estonia. In addition, a 0.2 percent increase was registered in the EU27 area GDP.

The EU27 includes Belgium, Bulgaria, the Czech Republic, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden, and the United Kingdom.

The percentages represent a 2 percent and a 2.1 percent seasonally adjusted GDP increase in the Euro area and the EU27 respectively in comparison with the fourth quarter of 2009.

The final consumption expenditure increased by 0.4 percent in the EU area and by 0.3 percent in the EU27. In the third quarter of 2010, it was registered a 0.1 percent and a 0.2 percent increase respectively.

Gross fixed capital formation declined by 0.6 percent in the 17-country EU members and by 0.8 percent in the EU27. Exports grew by 1.8 percent in both zones, a decrease form the 2.2 percent growth in the previous quarter.

For the whole 2010 year, GDP increased by 1.7 percent in the Euro area and by 1.8 percent in the EU27, a huge improvement from the negative figures in 2009. Both areas registered a decrease of 4.1 percent and 4.2 percent each.

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