The EU economy expanded by 0.6% in Q4 2017 on a quarterly basis, according to seasonally adjusted Eurostat data. The figures show that the EU economy is slightly slowing its growth compared to the third quarter of the year, which rise was 0.7%. On an annual basis, the EU’s gross domestic product expanded by 2.6% in the last three months of the year. The economy slowed slightly in the growth rate from the previous quarter, when annual growth was 2.7%.
For the whole of 2017, the EU GDP has increased by 2.4%. By comparison, the economy expanded by 2.0% in the previous year.
The situation with regard to the Eurozone is quite similar. The economy also grew 0.6% on a quarterly basis, but by 2.7% on an annual basis. In the previous three months, the economy growth was 0.7% compared to the second quarter of the year and 2.7% compared to the third quarter of 2016.
The annual GDP growth for the single currency area is slightly lower than for the EU as a whole in 2017 – 2.3%. This shows a sharp increase compared to the previous year when the economy expanded by 1.8%.
Among the EU Member States, Estonia recorded the highest GDP growth in the fourth quarter of last year (2.2%), followed by Slovenia (2.0%) and Lithuania (1.4%). It is remarkable that all Member States are showing growth, although the weakest is in Greece and Croatia (0.1%) and Italy and Latvia (0.3%).
On an annual basis, Romania ranks first, with its economy expanding with a strong 7.0% over the October-December period. Immediately afterwards are Slovenia with 6.2% and Estonia with 5.3%. Denmark is last with 1.2% and the UK reported expansion of 1.4%. Greece has pulled ahead by 1.9%.