Euro area (EA15) GDP declined by 0.2% and EU27 GDP was unchanged in the second quarter of 2008 compared with the previous quarter, according to second estimates from 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.

In comparison with the same quarter of the previous year, seasonally adjusted GDP grew in the second quarter of 2008 by 1.4% in the euro area and by 1.7% in the EU27, after +2.1% and +2.3% respectively in the previous quarter.

In the second quarter of 2008 and among the Member States for which seasonally adjusted GDP data are available, Slovakia (+1.9%) recorded the highest growth rate compared with the previous quarter, followed by Poland (+1.5%) and Lithuania (+1.0%).

Growth in components of GDP

In the second quarter of 2008, household final consumption expenditure decreased by 0.2% in the euro area and by 0.1% in the EU27 (-0.1% and +0.1% respectively in the previous quarter). Investment decreased by 1.0% in both the euro area and the EU27 (after +1.4% and +0.8%).

Exports decreased by 0.2% in the euro area and by 0.3% in the EU27 (after +1.8% in both zones). Imports decreased by 0.5% in both the euro area and the EU27 (after +1.8% and +1.7%).

US GDP up by 0.7%, Japanese GDP down by 0.7%

Among the main partners of the EU, GDP grew by 0.7% in the US in the second quarter of 2008 (+0.2% in the previous quarter). In Japan GDP decreased by 0.7% in the second quarter of 2008 (+0.7% in the previous quarter).

Compared with the second quarter of 2007, GDP rose by 2.1% in the US (+2.5% in the previous quarter) and by 0.8% in Japan (+1.2% in the previous quarter).