Brussels, 04/06/2014 (Agence Europe) - The EU's statistical office, Eurostat, has confirmed an initial estimate that growth stood at 0.2% of GDP in the eurozone in the first quarter of 2014 and at 0.3% of GDP in the EU28 (see EUROPE 11080).
Compared with the first quarter of 2013, seasonally-corrected GDP rose by 0.9% in the eurozone and 1.4% in the EU28.
GDP grew the most in Poland and Hungary (both 1.1%), Denmark (0.9%), Germany and the United Kingdom (both 0.8%), Latvia (0.7%) and Lithuania (0.6%). There was zero growth in France. GDP fell in the Netherlands (-1.4%), Estonia (-1.2%), Cyprus and Portugal (both -0.7%), Finland (-0.4%), Slovenia (-0.3%), Sweden and Italy (both -0.1%). Figures were not available for the remaining five member states: Croatia, Greece, Hungary, Ireland and Luxembourg.
In the first three months of 2014, household spending made a positive contribution to GDP growth in both the eurozone and the EU28 (both 0.1%), as did gross capital formation. Foreign trade made a negative contribution to GDP, by -0.2% in the eurozone and -0.3% in the EU28. Variation in stocks made a positive contribution to GDP in both the eurozone (0.2%) and the EU28 (0.3%). (MB)