Seasonally adjusted GDP rose by 2.2% in the euro area and by 2.1% in the European Union in the second quarter of 2021, compared with the previous quarter, according to the estimate published by the Statistical Office of the European Union (Eurostat) on Tuesday 7 September.
These GDP volumes were 2.5% and 2.2% lower respectively than their highest levels recorded in the fourth quarter of 2019 for the euro area and the EU.
Ireland (+6.3%) recorded the highest increase in GDP compared to the previous quarter, followed by Portugal (+4.9%), Latvia (+4.4%) and Estonia (+4.3%). Growth was strong in Spain (+2.8%) and Italy (+2.7%), sustained in Germany (+1.6%) and France (+1.1%). In contrast, GDP fell in Malta (-0.5%) and Croatia (-0.2%).
In the first quarter, GDP decreased by 0.3% in the euro area and by 0.1% in the EU.
During the second quarter, household final consumption expenditure increased by 3.7% in the euro area and by 3.5% in the EU (after -2.1% in the euro area and -1.7% in the EU in the previous quarter). Government final consumption expenditure increased by 1.2% in both zones (after -0.5% in both zones in the previous quarter).
Exports rose by 2.2% in the euro area and by 1.8% in the EU (after +0.7% in both zones). Imports rose by 2.3% in the euro area and by 2.2% in the EU (after +0.4% and +0.6% respectively).
The contribution of household final consumption expenditure to GDP growth was strongly positive in both the euro area and the EU (+1.9 and +1.7 percentage points - pp - respectively).
Employment. In the second quarter, the number of persons employed increased by 0.7% in both the euro area and the EU compared to the previous quarter.
In the second quarter, Latvia (+5.7%), Greece (+2.8%), Denmark and Portugal (both +1.9%) recorded the highest employment growth compared to the previous quarter. On the other hand, decreases were observed in Estonia (-1.1%) and Spain (-0.9%).
As a result of the Covid-19 pandemic, employment, measured in number of persons, is 2.1 million lower in the euro area and 2.0 million lower in the EU than in the fourth quarter of 2019.
In the first quarter, employment decreased by 0.2% in the euro area and in the EU. (Original version in French by Mathieu Bion)