Euro Area GDP Grew By 0.3% In Q4 2013; European Union GDP Up By 0.4%

In the fourth quarter of 2013, growth in the gross domestic product, or GDP, in the 17-nation euro area and the 28-member European Union, or EU, was in line with expectations, according to data released by Eurostat Wednesday.

GDP rose by 0.3 percent in the euro area and by 0.4 percent in the EU during the fourth quarter of 2013, compared with the previous quarter, according to second estimates, a statement showed. In comparison, GDP grew by 0.1 percent in the euro area and by 0.3 percent in the EU, in the third quarter of 2013. The latest GDP data from the euro zone was in line with consensus estimates from the Wall Street Journal.

On an annual basis, seasonally-adjusted GDP rose by 0.5 percent in the euro area and by 1.1 percent in the EU in the fourth quarter, compared to a negative growth of 0.3 percent and a 0.2 percent growth respectively in the previous quarter.

In all of 2013, GDP fell by 0.5 percent in the euro area while it rose by 0.1 percent in the EU, according to Eurostat data.