In the second quarter of 2022, seasonally adjusted GDP increased by 0.8% in the euro area and by 0.7% in the EU compared with the previous quarter, according to an estimate published by Eurostat. In the first quarter of 2022, GDP had grown by 0.7% in the euro area and 0.8% in the EU.

Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 4.1% in the euro area and by 4.2% in the EU in the second quarter of 2022, after +5.4% in the euro area and +5.5% in the EU in the first quarter of 2022.

During the second quarter of 2022, GDP in the United States decreased by 0.1% compared with the previous quarter (after -0.4% in the first quarter of 2022). Compared with the same quarter of the previous year, GDP increased by 1.7% (after +3.5% in the first quarter of 2022).

GDP growth by Member State
The Netherlands (+2.6%) recorded the highest increase of GDP compared to the previous quarter, followed by Romania (+2.1%) and Croatia (+2.0%). Decreases were observed in Poland (-2.1%), Estonia (-1.3%), Latvia (-1.0%) and Lituania (-0.5%).

GDP components and contributions to growth
During the second quarter of 2022, household final consumption expenditure increased by 1.3% in the euro area and by 1.2% in the EU (after 0.0% in both the euro area and the EU in the previous quarter).

Government final consumption expenditure increased by 0.6% in both the euro area and the EU (after +0.2% in the euro area and +0.1% in the EU in the previous quarter).

Gross fixed capital formation increased by 0.9% in the euro area and by 0.7% in the EU (after -0.8% and 0.0% respectively). Exports increased by 1.3% in the euro area and by 1.4% in the EU (after +1.2% and +1.0%).

Imports increased by 1.8% in the euro area and by 1.9% in the EU (after -0.2% and +0.2%). Household final consumption expenditure had positive contributions to GDP growth in both the euro area and the EU (+0.6 percentage points – pp in both zones).

The contributions from government final expenditure were also positive (+0.1 pp in both zones). The contributions of gross fixed capital formation were positive for the euro area and for the EU (0.2 pp in both zones), too. The contributions from the external balance were negative (-0.2 pp for both the euro area and the EU). The contributions from changes in inventories were negligible for both zones.