Eurostat: GDP up 0.4% in 4Q 2015, 0.3% in euro area
Seasonally-djusted GDP rose by 0.4% in the last quarter of 2015 in Cyprus compared to the previous quarter and by 2.7% compared to the same quarter of 2014, according to data released by Eurostat, the European Union’s statistical office. In the euro area, GDP rose by 0.3% and by 0.4% in the EU28 during the fourth quarter, compared with the previous quarter.
In the third quarter of 2015, GDP also grew by 0.3% and 0.4%, respectively.
Compared with the same quarter of the previous year, seasonally-adjusted GDP rose by 1.6% in the euro area and by 1.8% in the EU28 in the fourth quarter of 2015, after +1.6% and +1.9%, respectively in the previous quarter. Among member states, Sweden (+1.3%), Estonia (+1.2%), Poland and Romania (both +1.1%), Hungary and Slovakia (both +1.0%) recorded the highest growth compared with the previous quarter. Decreases were registered in Croatia (0.5%) and Latvia (-0.3%), while GDP in the Czech Republic remained stable.
During the fourth quarter of 2015, household final consumption expenditure rose by 0.2% in the euro area and by 0.4% in the EU28 (after +0.5% and +0.6%, respectively in the previous quarter).
Exports rose by 0.2% in the euro area and by 0.5% in the EU28 (after +0.2% in both zones). Imports increased by 0.9% in the euro area and by 1.1% in the EU28 (after +1.2% and +1.3%).
Household final consumption expenditure had a positive contribution to GDP growth in both the euro area and the EU28 (+0.1 and +0.2 percentage points).
The contribution of the external balance to GDP growth was negative for both zones, while the contribution of changes in inventories was positive.