BRUSSELS (Thomson Financial) - Euro zone GDP growth grew 0.7 pct in the first quarter from the fourth quarter, and was up 3.1 pct year-on-year, EU statistics office Eurostat said.
The figures show an upward revision of provisional figures reported on June 1. Eurostat previously put first quarter growth at 0.6 pct quarter-on-quarter and 3.0 pct year-on-year.
Among the components of first quarter GDP, Eurostat revised its estimate for household consumption, which was flat rather than down by 0.1 pct as previously reported, and investment, which was 2.4 pct rather than 2.5 pct.
Exports were revised to 0.8 pct from 0.3 pct and imports rose 1.7 pct rather than 1.6 pct.
Government expenditure rose 0.8 pct, revised up from 0.2 pct, and inventories increased by 0.4 pct of GDP, revised down from 0.5 pct.
Meanwhile, the European Commission left its euro zone GDP growth forecasts for the second and third quarters unchanged at 0.4-0.8 pct.
The commission narrowed its forecast for the fourth quarter growth to 0.3-0.8 pct from 0.2-0.8 pct.
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