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

Compared with the same quarter of the previous year, seasonally adjusted GDP grew by 1.5% in the euro area and by 1.7% in the EU27 in the second quarter of 2008, after +2.1% and +2.3% respectively in the previous quarter.

During the second quarter of 2008, US GDP increased by 0.5% compared with the previous quarter, after +0.2% in the first quarter. In Japan GDP decreased by 0.6% in the second quarter of 2008 (+0.8% in the previous quarter). Compared with the same quarter of the previous year, GDP rose by 1.8% in the US (+2.5% in the previous quarter) and by 1.0% in Japan (+1.2% in the previous quarter).