Euro-zone1 and EU25 GDP both grew by 0.6% in the first quarter of 2004, compared to the previous quarter, according to first estimates3 out today from Eurostat, the Statistical Office of the European Communities. In the fourth quarter of 2003, growth rates were +0.4% for the euro-zone and +0.5% for the EU25.
Compared to the first quarter of 2003, GDP grew by 1.3% in the euro-zone and by 1.6% in the EU25, after +0.7% and +1.1% respectively in the previous quarter.
Private consumption and exports accelerating, investments and imports slowing down
During the first quarter of 2004, household4 final consumption expenditure grew by 0.6% both in the euro-zone and in the EU25 (after +0.1% and +0.5% respectively in the fourth quarter of 2003). Investments decreased by 0.1% in the euro-zone, but grew by 0.1% in the EU25 (after +0.6% and +0.9%). Exports grew by 1.7% in the euro-zone and by 1.0% in the EU25 (after +0.1% and +0.3%) and imports by 0.8% in the euro-zone and by 0.5% in the EU25 (after +1.1% and +1.4%).
Industry and services up, construction down
During the first quarter of 2004, total gross value added grew by 0.5% in both the euro-zone and the EU25, after
+0.3% in the euro-zone and +0.4% in the EU25 in the previous quarter. Compared to the first quarter of 2003, total gross value added increased by 1.2% in the euro-zone and by 1.5% in the EU25.
During the first quarter of 2004, gross value added in Industry grew by 1.0% in the euro-zone and by 0.8% in the EU25. Financial services and business activities grew by 0.5% and 0.6% respectively and Trade, transport and communications services increased by 0.4% in both zones. Agriculture grew by 2.4% in the euro-zone and by 1.8% in the EU25. Gross value added in Construction declined by 0.5% in the euro-zone and by 0.4% in the EU25.
US GDP up by 1.0%, Japanese GDP up by 1.4%
In the United States, GDP recorded an increase of 1.0% during the first quarter of 2004, after +1.0% also in the previous quarter. In Japan GDP grew by 1.4% in the first quarter of 2004, after +1.7%.
Compared to the first quarter of 2003, GDP grew by 4.9% in the US (after +4.3% in the previous quarter) and by 4.7% in Japan (after +3.5%).
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