GDP declined by 0.2% in both the euro area (EA15) and the EU27 during the third quarter of 2008, compared with the previous quarter, according to first estimates released by Eurostat, the Statistical Office of the European Communities. In the second quarter of 2008, growth rates were -0.2% in the euro area and 0.0% in the EU27.

Compared with the third quarter of 2007, seasonally adjusted GDP rose by 0.6% in the euro area and by 0.8% in the EU27, after +1.4% and +1.7% respectively for the previous quarter.

Growth in components of GDP

During the third quarter of 2008, household final consumption expenditure remained unchanged in the euro area and increased by 0.1% in the EU27 (after -0.2% and -0.1% respectively in the previous quarter). Investments fell by 0.6% in the euro area and by 0.8% in the EU27 (after -0.9% and -1.0%). Exports increased by 0.4% in the euro area and by 0.3% in the EU27 (after -0.1% in both zones). Imports increased by 1.7% in the euro area and by 1.3% in the EU27 (after -0.4% in both zones).

US and Japanese GDP down by 0.1%

In the United States GDP decreased by 0.1% during the third quarter of 2008 after +0.7% in the second quarter. In Japan GDP decreased by 0.1% in the third quarter of 2008, after -0.9% in the previous quarter.

Compared with the third quarter of 2007, GDP rose by 0.7% in the United States (after +2.1% in the previous quarter) and remained unchanged in Japan (after +0.7%).