GDP Growth Bouyed in EU

February 17, 2014 Taxation in EU

GDP Growth Bouyed in EULUXEMBOURG – The pace of economic growth in the European Union has continued to increase, although it still lags behind other countries in the OECD.

On February 14th the statistical bureau of the European Commission Eurostat released a new report showing that the GDP in the European Union has grown for yet another quarter, although the expansion has tapered off in a small number of countries, and, in some cases, has even turned into a decrease.

According to the researchers of Eurostat, the average overall growth of GDP over the last three months of 2013 across all 28 countries of the European Union was 0.4 percent, and was approximately 1 percent when compared to the same period in 2012.

The highest quarterly growth was seen in Romania and the Czech Republic, with increases of 1.7 percent and 1.6 percent, respectively.

Despite the overall increase of economic activity in Europe indicated in the report, some countries still saw a contraction in GDP over the fourth quarter, with Cyprus and Finland recording decreases of 1 percent and 0.8 percent respectively.

The report also indicated that compared to the fourth quarter of 2012 the most significant growth was recorded in Romania and Latvia, with a difference of 5.1 percent and 3.6 percent, while the biggest drops were in Cyprus and Finland, at 5.6 percent and 1.4 percent, respectively.

Initial analysis of the newly published statistical report has already shown that while the absolute indicators of economic performance in the European Union are not particularly high compared to other OECD countries, the overall performance should still be considered as satisfactory.

Photo by: wfabry