Quarterly national accounts - third GDP estimate
From Statistics Explained
- Data from 10. January 2014. Most recent data: Further Eurostat information, Main tables and Database.
This article presents key messages and data extractions based on Eurostat's third estimation of quarterly gross domestic product (GDP) for the third quarter of 2013 in the European Union (EU-28) and euro area ( EA-17), released on 10. January 2014.
Eurostat's third regular GDP estimation is done approximately 100 days (t+100) after the end of each quarter. Earlier estimates of GDP growth in each quarter are compiled at about t+45 days (GDP flash) and t+65 days (second GDP release, including breakdowns by expenditure components and gross value added by industries). Additional aggregates are published with the first estimate of employment data (t+75). While these estimations are presented in dedicated press releases, the third estimate consists mainly in a comprehensive database update.
This article updates information from the second press release where necessary and presents Member States data in addition to the respective European Union (EU) and euro area aggregates in an attached Excel sheet (see below, Other information).
Main statistical findings
Euro area and European Union
Euro area GDP up by 0.1 % and EU-28 GDP up by 0.3 %
GDP rose by 0.1 % in the euro area (EA-17) and by 0.3 % in the EU-28 during the third quarter of 2013, compared with the previous quarter, according to third estimates (see Data sources and availability) published by Eurostat, the statistical office of the European Union. In the second quarter of 2013, growth rates were 0.3 % and 0.4 % respectively.
Compared with the same quarter of the previous year, seasonally adjusted GDP fell by 0.3 % in the euro area and grew by 0.2 % in the EU-28 in the third quarter of 2013, after -0.6 % and -0.1 % respectively in the previous quarter.
During the third quarter of 2013, GDP in the United States grew by 1.0 % compared with the previous quarter (after +0.6 % in the second quarter of 2013).Compared with the same quarter of the previous year, GDP rose by 2.0 % (after +1.6 % in the previous quarter).
GDP growth by Member States
Among Member States for which data are available for the third quarter of 2013, Romania (+1.6 %) recorded the highest growth compared with the previous quarter, followed by Ireland (+1.5 %) and Latvia (+1.3 %). Cyprus (-0.8 %), Malta (-0.4 %), France and Croatia (both -0.1 %) registered the largest decreases.
GDP components and contributions to growth
During the third quarter of 2013, household final consumption expenditure (NPISH included) rose by 0.1 % in the euro area and 0.2 % in the EU-28 (after 0.1 % and 0.2 % respectively in the previous quarter). Gross fixed capital formation increased by 0.5 % in the euro area and by 0.7 % in the EU-28 (after 0.3 % and 0.4 %). Exports rose by 0.3 % in the euro area and was neutral in the EU-28 (after 2.1 % in both). Imports increased by 1.2 % in both the euro area and in the EU-28 (after 1.5 % and 1.3 %).
In the euro area, household final consumption expenditure was neutral to GDP growth and in the EU-28 contributed positively to GDP growth (+0.1 percentage points), as well as the contribution of gross fixed capital formation (+0.1 percentage points in both zones), the change in inventories positive (+0.3 percentage points in euro area and + 0.4 percentage points in EU-28) and the external balance negative (-0.4 percentage points in for the euro area and -0.5 % for the EU-28).
Data sources and availability
European quarterly national accounts are compiled in accordance with the European system of national and regional accounts 1995 (ESA 95).
With third estimates, euro area and EU-28 figures are subject to revision for all quarters for variables and updated in the Eurostat database. The data in the excel sheet below were extracted for the release on 10. January 2014. It should however be noted that Member States' data are regularly updated in the database. The flash estimate of GDP growth in the fourth quarter of 2013 is scheduled for 14. February 2014 and the next regular estimates of European aggregates are due on 5. March 2014 (fourth GDP estimate) and 14. March 2014 (fourth employment estimate). This article will be updated on 2. April 2014 (third GDP estimate).
Quarterly figures on the evolution of gross domestic product (GDP) and its main aggregates are among the most significant indicators of the state of any economy, be it at a national or European level, and of key interest to users. Typical users of quarterly national accounts (QNA) figures are market analysts, forecasters or economic and monetary policy advisors interested in assessing the state of the current business cycle.
Further Eurostat information
- Annual national accounts (t_nama)
- Quarterly national accounts (t_namq)
- Annual national accounts (nama)
- Quarterly national accounts (namq)
Methodology / Metadata
- Annual national accounts (ESMS metadata file - qna_esms)
- European system of accounts ESA 1995
- NACE Rev.2 (publication)
- Quarterly national accounts (ESMS metadata file - qna_esms)
- GDP estimate 2013Q3
- Summary 2013Q3
- Regulation 1392/2007 of 13 November 2007 amending Regulation 2223/96 with respect to the transmission of national accounts data