Brussels, 14/09/2001 (Agence Europe) - During the second quarter of 2001, Eurozone and EU15 (the EU as a whole) GDP both grew by 0.1% on the previous quarter, according to the first estimates published on Thursday by Eurostat. Compared with the second quarter of 2000, GDP grew by 1.7% in the Eurozone and in EU15, after having grown by 2.4% in the previous quarter. During the first quarter of 2001, growth reached 0.5% in both the Eurozone and EU15. Eurostat points out that growth in household final consumption (0.6% in the Eurozone and 0.7% in EU15 in the first quarter of 2001) sustained GDP growth. Investment fell by 0.8% in the Eurozone and 0.7% in EU15 in the first quarter of 2001. Exports recorded a significant drop in the second quarter of 2001 in the Eurozone and in EU15 (-1.2% and -1.4% respectively), as did imports (-0.6% and -0.9%).
Compared with the previous quarter, financial services and business activities recorded the highest growth among all branches during the second quarter of 2001, with a rise of 0.9% in the Eurozone and 1.3% in EU15. Trade, transport and communications grew by 0.3% in both areas. Other sectors (agriculture, industry and construction) all encountered negative growth, with construction showing the worst result, dropping by 2.1% in the Eurozone and 1.8% in EU15.
The US economy stagnated (0.0%) in the second quarter of 2001, after the 0.3% growth recorded in the first quarter of 2001. Household final consumption expenditure grew by 0.6%, while investment dropped (-1.5%). In Japan, GDP fell by 0.8% (+0.1% in the first quarter of 2001), mainly due to the significant drop in investment (-4.0%) and the fall in exports (-2.9%). Compared with the second quarter of 2000, GDP in the US grew by 1.2% compared with 2.5% in the previous quarter. GDP in Japan fell by 0.7%, compared with 0.2% growth in the previous year.