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.