Malta recorded the second-highest GDP growth rate (+1.7%) in the fourth quarter of 2019, preceded only by Ireland which recorded a 1.8% growth compared to the previous quarter

Eurostat, the EU’s statistical arm, said Malta was followed by Romania (+1.5%), Lithuania and Hungary (both +1%). Negative growth was observed in Greece and Finland (both -0.7%), Italy (-0.3%) and France (-0.1%). In Germany, the GDP remained stable.

Eurostat said that adjusted GDP rose by 0.1% in the euro area (EA19) and by 0.2% in the EU27 during the fourth quarter of 2019, compared with the previous quarter. In the third quarter of 2019, GDP had grown by 0.3% in the euro area and by 0.4% in the EU27.

Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1% in the euro area and by 1.2% in the EU27 in the fourth quarter of 2019, after +1.3% and +1.6% respectively in the previous quarter.

For the year as a whole, GDP grew by 1.2% in the euro area and by 1.5% in the EU27, after +1.9% and +2.1% respectively in 2018. 

During the fourth quarter of 2019, GDP in the United States increased by 0.5% compared with the previous quarter (after also +0.5% in the third quarter of 2019). Compared with the same quarter of the previous year, GDP grew by 2.3% (after +2.1% in the previous quarter).

In the same period, household final consumption expenditure rose by 0.1% in the euro area and by 0.3% in the EU27 (after +0.5% in both zones in the previous quarter). Gross fixed capital formation increased by 4.2% in the euro area and by 3.6% in the EU27 (after -3.8% and -3% respectively).

Exports increased by 0.4% in the euro area and 0.2% in the EU27 (after +0.6% and +0.7% respectively). Imports increased by 2.2% in the euro area and by 1.8% in the EU27 (after -1.3% and -0.9% respectively).

Household final consumption expenditure had a positive contribution to GDP growth in both the euro area and the EU27 (+0.1 and +0.2 percentage points – pp, respectively) and the contribution from gross fixed capital formation was also positive (+0.9 and +0.8 pp respectively).

The contribution of the external balance to GDP growth was negative for the euro area and for the EU27, and the contribution of changes in inventories was also negative for both zones (-0.1 pp for the euro area and -0.2 pp for the EU27).

The number of persons employed increased by 0.3% in both the euro area and the EU27 in the fourth quarter of 2019 compared with the previous quarter. In the third quarter of 2019, employment increased by 0.2% in the euro area and 0.1% in the EU27.

Compared with the same quarter of the previous year, employment increased by 1.1% in the euro area and by 1% in the EU27 in the fourth quarter of 2019 (after +1.1% and +0.9% respectively in the third quarter of 2019).

For the year 2019 as a whole, employment grew by 1.2% in the euro area and 1.0% in the EU27, after +1.5% and +1.4% respectively in 2018.