Fabian Demicoli

Euro area and EU27 GDP both up by 0.3%

GDP rose by
0.3% in both the euro area (EA17) and the EU27 during the second quarter of
2013, compared with the previous quarter, according to flash estimates2
published by Eurostat, the statistical office of the European Union. In the
first quarter of 2013, growth rates were -0.3% and -0.1% respectively.

Compared
with the same quarter of the previous year, seasonally adjusted GDP fell by
0.7% in the euro area and by 0.2% in the EU27 in the second quarter of 2013,
after -1.1% and -0.7% respectively in the previous quarter.

In light
of these and other recent indicators, Vice-President Rehn has made the
following comments: "Today's figures, when combined with other recent
positive survey data are encouraging and suggest the European economy is
gradually gaining momentum. They support the European Commission's 2013 spring
forecast and its projections for a subdued, mild recovery in the second half of
2013. The data also supports, in my view, the fundamentals of our crisis
response: a policy mix where building a stability culture and pursuing
structural reforms supportive of growth and jobs go hand in hand. This slightly
more positive data is welcome – but there is no room for any complacency.
Self-congratulatory statements

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