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 second estimates from 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.

In comparison with the same quarter of the previous year, seasonally adjusted GDP grew in the third quarter of 2008 by 0.6% in the euro area and by 0.8% in the EU27, after +1.4% and +1.7% respectively in the previous quarter.

In the third quarter of 2008 and among the Member States for which seasonally adjusted GDP data are available, Slovakia (+1.5%) recorded the highest growth rate compared with the previous quarter, followed by Ireland and Poland (both +1.2%).

Growth in components of GDP

In 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 -0.7%). Exports remained unchanged in both the euro area and the EU27 (after -0.1% in both zones). Imports increased by 1.4% in the euro area and by 1.1% in the EU27 (after -0.4% and -0.5%).

US GDP down by 0.1%, Japanese GDP down by 0.5%

Among the main partners of the EU, GDP decreased by 0.1% in the US in the third quarter of 2008 (+0.7% in the previous quarter). In Japan GDP fell by 0.5% in the third quarter of 2008 (-1.0% in the previous quarter).

Compared with the third quarter of 2007, GDP rose by 0.7% in the US (+2.1% in the previous quarter) and decreased by 0.3% in Japan (+0.6% in the previous quarter).