Euro area and EU27 GDP up by 0.4% +1.9% and +2.1% respectively compared with the third quarter of 2009

GDP increased by 0.4% in both the euro area1 (EA16) and the EU271 during the third quarter of 2010, compared with the previous quarter, according to flash estimates published by Eurostat, the statistical office of the European Union. In the second quarter of 2010, growth rates were +1.0% in both zones. Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 1.9% in the euro area and by 2.1% in the EU27 in the third quarter of 2010, after +1.9% and +2.0% respectively in the previous quarter.

During the third quarter of 2010, US GDP increased by 0.5% compared with the previous quarter, after +0.4% in the second quarter of 2010. US GDP rose by 3.1% compared with the same quarter of the previous year (+3.0% in the previous quarter).

European quarterly national accounts are compiled in accordance with the European System of Accounts 1995 (ESA95). The flash estimate of third quarter 2010 GDP growth presented in this release is based on Member States’ data as available, directly covering 97% of EA16 GDP (91% of EU27 GDP). For more details of the flash methodology please refer to News Release 55/2003 of 15 May 2003. Simulations and previously published flash estimates have shown the flash estimation procedure to be reliable. Over the last 39 quarters, the flash estimate of GDP growth on the previous quarter for the euro area (EA12) when compared to the following first regular release has led to an average revision of less than 0.01 percentage points. It correctly anticipated the acceleration or deceleration of growth 34 times. The value of the growth rate was correctly anticipated 34 times and differed by ±0.1 percentage points 5 times. With this flash estimate, euro area and EU GDP figures for earlier quarters are not revised, so the growth rates till the second quarter 2010, published in News Release 148/2010 of 6 October 2010, remain unchanged. All figures presented in this release are subject to further revision with the two regular estimates of GDP for the third quarter 2010, scheduled for 2 December 2010 and 7 January 2011. First estimates for National Accounts employment in the third quarter 2010 are scheduled for 15 December 2010.

News source: Eurostat link: publication