Euro area (EA15) GDP declined by 0.2% and EU27 GDP by 0.1% in the second quarter of 2008, compared with the previous quarter, according to first estimates released by Eurostat, the Statistical Office of the European Communities. In the first quarter of 2008, growth rates were +0.7% in the euro area and +0.6% in the EU27.

Compared with the second quarter of 2007, seasonally adjusted GDP rose by 1.4% in the euro area and by 1.6% in the EU27, after +2.1% and +2.3% respectively for the previous quarter.

Growth in components of GDP

During the second quarter of 2008, household final consumption expenditure decreased by 0.2% in the euro area and by 0.1% in the EU27 (after 0.0% and +0.2% respectively in the previous quarter). Investments fell by 1.2% in the euro area and by 1.6% in the EU27 (after +1.5% and +0.9%). Exports declined by 0.4% in both the euro area and the EU27 (after +1.8% in both zones). Imports decreased by 0.4% in the euro area and by 0.5% in the EU27 (after +1.9% and +1.6%).

US GDP up by 0.8%, Japanese GDP down by 0.6%

In the United States GDP increased by 0.8% during the second quarter of 2008, after +0.2% in the first quarter. In Japan GDP decreased by 0.6% in the second quarter, after +0.8% in the previous quarter.

Compared with the second quarter of 2007, GDP rose by 2.2% in the United States (after +2.5% in the previous quarter) and by 1.0% in Japan (after +1.2%).