Quarterly national accounts - third GDP estimate
From Statistics Explained
- Data from 3. October 2013. Most recent data: Further Eurostat information, Main tables and Database.
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 (EA) aggregates in an attached Excel sheet (see Other information).
Main statistical findings
Euro area and European Union
Euro area and EU-27 GDP both up by 0.3 %
GDP rose by 0.3 % in both the euro area (EA-17) and in the EU-27 during the second 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 first quarter of 2013, growth rates were -0.2 % and -0.1 % respectively.
Compared with the same quarter of the previous year, seasonally adjusted GDP fell by 0.6 % in the euro area and 0.2 % in the EU-27 in the second quarter of 2013, after -1.2 % and -0.8 % respectively in the previous quarter.
During the second quarter of 2013, GDP in the United States grew by 0.6 % compared with the previous quarter (after +0.3 % in the first quarter of 2013).Compared with the same quarter of the previous year, GDP rose by 1.6 % (after +1.3 % in the previous quarter).
Since Croatia joined the European Union on 1 July 2013, the EU-28 aggregate has been estimated when possible (e.g. not for hours worked, which have been estimated for the first time for other European aggregates), and the EU-28 aggregate has been added to some of the graphs and tables in this article for comparison. However, the EU-27 remains the lead figure until the estimation of 2013Q3, when it will be replaced by the EU-28 figure.
GDP growth by Member States
Among Member States for which data are available for the second quarter of 2013, Portugal (+1.1 %) recorded the highest growth compared with the previous quarter, followed by Germany, Lithuania, Malta and the United Kingdom (all +0.7 %). Cyprus (-1.8 %), Slovenia and Italy (both -0.3 %) registered the largest decreases.
GDP components and contributions to growth
During the second quarter of 2013, household final consumption expenditure (NPISH included) rose by 0.1 % in the euro area and 0.2 % in the EU-27 (after -0.3 % and 0.0 % respectively in the previous quarter). Gross fixed capital formation increased by 0.2 % in both the euro area and the EU-27 (after -2.3 % and -1.9 %). Exports rose by 2.1 % in the euro area and by 2.0 % in the EU-27 (after -0.9 % and -0.5 %). Imports increased by 1.6 % in the euro area and by 1.5 % in the EU-27 (after -1.0 % and -0.7 %).
In both the euro area and the EU-27, household final consumption expenditure contributed positively to GDP growth (+0.1 percentage points in both zones), while the contribution of gross fixed capital formation was neutral, the change in inventories negative (-0.2 percentage points in both zones) and the external balance positive (+0.2 percentage points in for the euro area and +0.3 % for the EU-27).
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-27 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 3. October 2013. It should however be noted that Member States' data are regularly updated in the database. The flash estimate of GDP growth in the third quarter of 2013 is scheduled for 14. November 2013 and the next regular estimates of European aggregates are due on 4. December 2013 (second GDP estimate) and 13. December 2013 (second employment estimate). This article will be updated on 10. January 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
- NACE Rev.2 (publication)
- European system of accounts ESA 1995
- Quarterly national accounts (ESMS metadata file - qna_esms)
- Annual national accounts (ESMS metadata file - qna_esms)
- GDP estimate 2013Q2
- Summary 2013Q2
- Regulation 1392/2007 of 13 November 2007 amending Regulation 2223/96 with respect to the transmission of national accounts data