GDP fell by 2.5% in the euro area (EA16) and by 2.4% in the EU27 during the first quarter of 2009, compared with the previous quarter, according to first estimates released by Eurostat, the Statistical Office of the European Communities . In the fourth quarter of 2008, growth rates were -1.8% in the euro area and -1.7% in the EU27.

Compared with the first quarter of 2008, seasonally adjusted GDP declined by 4.8% in the euro area and by 4.5% in the EU27 , after -1.7% and -1.6% respectively for the previous quarter.

Variation in components of GDP

During the first quarter of 2009, household final consumption expenditure declined by 0.5% in the euro area and by 1.0% in the EU27 (after -0.4% and -0.6% respectively in the previous quarter). Investments fell by 4.2% in the euro area and by 4.4% in the EU27 (after -4.3% and -3.5%). Exports decreased by 8.1% in the euro area and by 7.8% in the EU27 (after -7.2% and -6.5%). Imports dropped by 7.2% in the euro area and by 7.8% in the EU27 (after -5.1% and -5.4%).

US and Japanese GDP declined

In the United States GDP decreased by 1.5% during the first quarter of 2009 after -1.6% in the fourth quarter of 2008. In Japan GDP fell by 4.0% in the first quarter of 2009, after -3.8% in the previous quarter.

Compared with the first quarter of 2008, GDP declined by 2.5% in the United States (after -0.8% in the previous quarter) and by 9.1% in Japan (after -4.5%).