Luxembourg, 09/07/2002 (Agence Europe) - According to a second estimation published by Eurostat on Tuesday, the GDP of the euro zone and of the European Union (EU15) increased by 0.3% over the first quarter of 2002. These results follow the fall of 0.3% in the euro-zone and 0.2% in the EU15 over the fourth quarter of 2001. In comparison with the first quarter 2001, euro-zone GDP increased by 0.3% and that of the EU15 by 0.4%.
During the first quarter 2002, household final consumption stagnated in the euro-zone and increased by 0.1% in the EU15 (+0.1% and +0.2% respectively in the previous quarter). For the fifth consecutive quarter, investments fell: -0.1% in the euro-zone and -0.7% in the EU15 (-0.5% and -0.4% respectively in the fourth quarter 2001). Exports were up 0.5% in the euro-zone and 0.4% in the EU15 over the first quarter 2002 (compared to -1.3% and -1.4% respectively over the fourth quarter 2001), while imports were down again, by 0.8% and 0.4% respectively (-1.6% in the euro-zone and -1.1% in the EU15 in the fourth quarter 2001).
The total gross value added (GVA) increased by 0.5% in the euro-zone and by 0.4% in the EU15, thus recovering from the decrease of 0.2% in both zones during the fourth quarter of 2001. All branches registered positive growth during the first quarter 2002. The highest growth rate was observed in construction (+0.9% in the euro-zone and +1.2% in the EU15). A significant recovery was also observed in industry (+0.8% in the euro-zone and +0.4% in the EU15), which had been the weakest branch in the preceding quarter. Among all branches, agriculture, hunting and fishing recorded the lowest result, with a growth rate of 0.1% in the euro-zone and 0.3% in the EU15.
All EU Member States chalked up positive economic growth, the only exception being Finland (-06%). Belgium (+0.5%), Germany (+0.2%), France (+0.4%), Italy (+0.2%), the Netherlands (+0.1%) and Austria (+0.1%) recorded increases of GDP after declining in the fourth quarter of 2001. The US economy recorded an increase of GDP of 1.5% during the first quarter of 2002 (+0.4% in the previous quarter). Japan's GDP grew by 1.4% after having fallen by 1.2% during the preceding quarter.