GDP grew by 0.3% in the euro-zone1 and by 0.4% in the EU15 during the fourth quarter of 2003, compared to the previous quarter, according to flash2 estimates published today by Eurostat, the Statistical Office of the European Communities. In the third quarter of 20033, growth rates were 0.4% for both zones.
Compared to the same quarter of the previous year, GDP grew by 0.6% in the euro-zone and by 0.9% in the EU15 in the fourth quarter 2003, after +0.3% and +0.6% respectively in the previous quarter3.
During the fourth quarter 2003, US GDP increased by 1.0% compared to the previous quarter, after +2.0% in the third quarter 2003. Compared to the fourth quarter of 2002, GDP grew by 4.3% in the US, after +3.6% in the previous quarter.
Over the whole year 2003, GDP grew by 0.4% in the euro-zone and by 0.7% in the EU15, compared to +0.9% and +1.0% respectively for the year 2002.
Commission indicator forecasts euro area quarterly GDP growth of 0.3% to 0.7% for both the 1st quarter and the 2nd quarter of 2004
The indicator-based model for quarterly GDP growth for the euro area, developed by the European Commission's Directorate General for Economic and Financial Affairs, forecasts a range of 0.3% to 0.7% for GDP growth in the first quarter of 2004, unchanged compared to the previous release. For the second quarter of 2004, the model forecasts the same range of 0.3% to 0.7%. This prediction suggests that the euro area economy is building on the turnaround that took place in the third quarter of 2003.
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