Flash estimates for the first quarter of 2008

GDP grew by 0,7% in both the euro area (EA15) and the EU27 during the first quarter of 2008, compared with the previous quarter, according to flash estimates published by Eurostat, the
Statistical Office of the European Communities. In the fourth quarter of 2007, growth rates were 0,4% in the euro area and 0,5% in the EU27.

Compared with the same quarter of the previous year, seasonally adjusted GDP grew by 2.2% in the euro area and by 2.4% in the EU27 in the first quarter of 2008, after 2.2% and 2.5%
respectively in the previous quarter.
During the first quarter of 2008, US GDP increased by 0.1% compared with the previous quarter, after 0.1% in the fourth quarter of 2007. Compared with the same quarter of the previous year,
GDP grew by 2.5% in the US, after 2.5% also in the previous quarter.

1. The euro area (EA15) includes Belgium, Germany, Ireland, Greece, Spain, France, Italy, Malta, Luxembourg, Cyprus, the Netherlands, Austria, Portugal, Slovenia and Finland.
The EU27 includes Belgium (BE), Bulgaria (BG), the Czech Republic (CZ), Denmark (DK), Germany (DE), Estonia (EE), Ireland (IE), Greece (EL), Spain (ES), France (FR), Italy (IT), Cyprus (CY),
Latvia (LV), Lithuania (LT), Luxembourg (LU), Hungary (HU), Malta (MT), the Netherlands (NL), Austria (AT), Poland (PL), Portugal (PT), Romania (RO), Slovenia (SI), Slovakia (SK), Finland (FI),
Sweden (SE) and the United Kingdom (UK).

Summary quality information

European quarterly national accounts are compiled in accordance with the European System of Accounts 1995 (ESA95). The flash estimate of 2008 Q1 GDP growth presented in this release is based on
Member States’ data as available, directly covering 80% of EA15 GDP (76% of EU27 GDP). For more details of the flash methodology please refer to News Release 55/2003 of 15 May 2003.
Simulations and previously published flash estimates have shown the flash estimation procedure to be reliable. Over the last 29 quarters, the flash estimate of GDP growth on the previous
quarter for the euro area (EA12) when compared to the following first regular release has led to an average revision of less than 0.01 percentage points.

It correctly anticipated the acceleration or deceleration of growth 25 times. The value of the growth rate was correctly anticipated 25 times and differed by
±0.1 percentage points 4 times.
With this flash estimate, euro area and EU GDP figures for earlier quarters are not revised, so the growth rates till the fourth quarter 2007, published in News Release 48/2008 of 9 April 2008,
remain unchanged. All figures presented in this release are subject to further revision with the two regular estimates of GDP for the first quarter 2008, scheduled for 3 June 2008 and 9 July
2008. First estimates for National Accounts employment in the first quarter 2008 are scheduled for 13 June 2008.

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