GDP grew by 0.3% in the euro area1 (EA13) and by 0.5% in the EU271 during the second quarter of 2007, compared with the previous quarter, according to flash estimates published by Eurostat, the Statistical Office of the European Communities. In the first quarter of 2007, growth rates were +0.7% in both the euro area and the EU27.
Compared with the same quarter of the previous year, seasonally adjusted GDP grew by 2.5% in the euro area and by 2.8% in the EU27 in the second quarter of 2007, after +3.1% and +3.3% respectively in the previous quarter.
During the second quarter of 2007, US GDP increased by 0.8% compared with the previous quarter, after +0.2% in the first quarter. In Japan, GDP grew by 0.1% in the second quarter of 2007, after +0.8% in the first quarter. Compared with the second quarter of 2006, GDP grew by 1.8% in the US, after +1.5% in the previous quarter, and by 2.3% in Japan, after +2.6% in the previous quarter.
Summary quality information: European quarterly national accounts are compiled in accordance with the European System of Accounts 1995 (ESA95). The flash estimate of 2007 Q2 GDP growth presented in this release is based on Member States' data as available, directly covering 95% of EA13 GDP (90% of EU27 GDP).
For more details of the flash methodology please refer to News Release 55/2003 of 15 May 2003. Simulations and previously published flash estimates have shown the flash estimation procedure to be reliable.
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