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Flash estimate for the third quarter of 2011: Euro area and EU27 GDP up by 0.2%

GDP increased by 0.2% in both the euro area (EA17) and the EU27 during the third quarter of 2011, compared with the previous quarter, according to flash estimates published by Eurostat, the statistical office of the European Union.

In the second quarter of 2011, growth rates were +0.2% in both zones.

Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 1.4% in both zones in the third quarter of 2011, after +1.6% in the euro area and +1.7% in the EU27 in the previous quarter.

Portugal GDP: Gross Domestic Product diminished 0.9% in real terms in the 2nd quarter 2011 - 2nd Quarter 2011

Summary
In the 2nd quarter 2011, GDP diminished 0.9%, in real terms, compared with the same period of 2010 (change rate of -0.5% in the previous quarter). This reduction reflected the strong negative contribution of domestic demand, due to all components, mainly Investment. The contribution of net external demand increased in the 2nd quarter 2011, with Imports of Goods and Services registering a more negative year on year change rate and Exports of Goods and Services maintaining a strong growth.

German GDP (gross domestic product) growing just slightly in 2nd quarter of 2011

The momentum with which the German economy started into 2011 has slowed down considerably. In the second quarter of 2011, the gross domestic product (GDP) rose just 0.1% – upon price, seasonal and calendar adjustment – on the first quarter, as reported by the Federal Statistical Office (Destatis). The result for the first quarter of 2011 was slightly corrected downwards to +1.3%.
 
In a quarter-on-quarter comparison (adjusted for price, seasonal and calendar variations), positive contributions were made by exports and capital formation. However, imports in the second quarter of 2011 rose more strongly than exports.That large increase in imports on the one hand led to higher building of inventories, while on the other hand it resulted in a balance of exports and imports that had an altogether negative impact on economic growth. Also, final consumption expenditure of households and capital formation in construction had a slowdown effect on the German economy in the second quarter of 2011.

 

2011 Q1 the Spanish economy up 0.3 % (Q on Q) 0.8 % (Y on Y)

 


In 2011 Q1 the Spanish economy continued along the path of moderate recovery embarked

BEA: Gross Domestic Product: Second Quarter 2011 (Advance Estimate), Great Recession Substantially Worse Than Previously Thought

The 2007-2009 recession, already in the record books as the worst in the 66 years since the end of World War II, was even worse than previously thought.


From the start of the recession at the end of 2007 to the end in June of 2009, the U.S. economy shrank 5.1 percent. That is 1 percentage point worse than the previous estimate that the recession reduced total output during that period by 4.1 percent.

Euro area and EU27 government deficit at 6.0% and 6.4% of GDP respectively. Government debt at 85.1% and 80.0%.

In 2010, the government deficit of both the euro area (EA17) and the EU27 decreased compared with 2009, while the government debt and GDP increased. In the euro area the government deficit to GDP ratio decreased from 6.3% in 20093 to 6.0% in 2010, and in the EU27 from 6.8% to 6.4%. In the euro area the government debt to GDP ratio increased from 79.3% at the end of 2009 to 85.1% at the end of 2010, and in the EU27 from 74.4% to 80.0%.

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