In the period from October to December 2014, economic activity in the European Union went up by 0.4% compared with the previous quarter, when it had grown by 0.3%, seasonally adjusted data showed, whereby Eurostat reaffirmed its estimate published last month.
Eurostat also reaffirmed its estimate for the euro area, whose economy in the fourth quarter of 2014 increased by 0.3% from the previous quarter, following 0.2% growth in the July-September 2014 period.
According to seasonally adjusted data, Croatia's economy in Q4 2014 stagnated in relation to the previous quarter when its economy had grown by 0.2%. By comparison, in the first quarter of 2014, the Croatian economy grew by 0.3% and in the second quarter it contracted by 0.2%, according to Eurostat.
Among EU member states, the highest growth rates in the fourth quarter of 2014 were recorded in Estonia and Sweden (both +1.1%), followed by Hungary (+0.9), while Cyprus (-0.7%), Greece (-0.4%), Austria and Finland (both -0.2%) registered decreases.
Year on year, economic activity in the EU in Q4 2014 grew by 1.3%, while in Q3 2014 it rose by 1.2%. The euro area recorded 0.9% growth, compared to a rise of 0.8% in Q3 2014.
The Croatian economy in Q4 2014 grew by 0.4% compared with Q4 2013. In Q3 2014, compared with Q3 2013, it shrank by 0.6%.
Among EU member states, the highest year-on-year growth rates were recorded in Hungary (+3.4%) and Poland (+3.2%). Decreases were recorded only in Cyprus (-1.9%), Italy (-0.5%), and Austria and Finland (both -0.2%).
Household consumption made the strongest contribution to Q4 2014 growth (+0.3 percentage points in the EU and +0.2 percentage points in the euro area). Gross fixed capital formation also had a positive contribution to growth (+0.1 percentage point both in the EU and in the euro area).
The Croatian Bureau of Statistics (DZS) on Friday reaffirmed its initial estimate that Croatian GDP in Q4 2014 increased by 0.3% compared with Q4 2013, while over the whole year 2014 it fell by 0.4% in relation to 2013. According to seasonally adjusted data, GDP in Q4 2014 went up by 0.05% from Q3 2014.
The DZS thus reaffirmed its earlier report, issued last Friday, that the Croatian economy had emerged from recession after shrinking for 12 quarters in a row.