07 March 2018•Update: 08 March 2018
By Muhammed Ali Gurtas
ANKARA
The European Union's economy grew by 2.4 percent on a yearly basis in 2017, according to the EU's statistical office on Wednesday.
"Over the whole year 2017, GDP [gross domestic product] rose by 2.3 percent in the euro area and by 2.4 percent in the EU28, compared with 1.8 percent and 2.0 percent, respectively, in 2016," Eurostat said.
The eurozone represents 19 EU member states that use the single currency, euro, while EU28 defines all member countries of the bloc.
Eurostat data also showed that the seasonally-adjusted GDP rose by 0.6 percent in both the eurozone and the EU28 during the fourth quarter of 2017, compared with the previous quarter.
"Among member states for which data are available for the fourth quarter of 2017, Estonia [2.2 percent], Slovenia [2.0 percent] and Lithuania [1.4 percent] recorded the highest growth compared with the previous quarter," the office said.
"While Greece and Croatia recorded the lowest growth [both at 0.1 percent], followed by Italy and Latvia [both 0.3 percent]," it added.
Official data revealed that household final consumption expenditure rose by 0.2 percent in the eurozone and by 0.3 percent in the EU28, during the last quarter of 2017.
Eurostat stated that household final consumption expenditure had a positive contribution to GDP growth in both the eurozone and the EU28 with 0.1 and 0.2 percentage points.
"Exports rose by 1.9 percent in the EA19 [eurozone] and by 1.7 percent in the EU28," it said. "Imports increased by 1.1 percent in the EA19 [eurozone] and by 1.3 percent in the EU28."
"The contribution of the external balance to GDP growth was positive for both zones, while the contribution of changes in inventories was negative for the euro area and neutral for the EU28," the statistical office said.
