GDP decreased by 0.3% in both the euro area (EA17) and the EU27 during the fourth quarter of 2011, compared with the previous quarter, according to second estimates released by Eurostat, the statistical office of the European Union. In the third quarter of 2011, growth rates were +0.1% in the euro area and +0.3% in the EU27. Compared with the fourth quarter of 2010, seasonally adjusted GDP rose by 0.7% in the euro area and by 0.9% in the EU27, after +1.3% and +1.4% respectively in the previous quarter.

Variation in components of GDP

During the fourth quarter of 2011, household final consumption expenditure decreased by 0.4% in the euro area and by 0.2% in the EU27 (after +0.3% and +0.2% respectively in the previous quarter). Gross fixed capital formation fell by 0.7% in both zones (after -0.3% in both zones). Exports dropped by 0.4% in the euro area and by 0.1% in the EU27 (after +1.4% and +1.3%). Imports decreased by 1.2% in the euro area and by 0.8% in the EU27 (after +0.7% in both zones).

US and Japanese GDP

In the United States GDP increased by 0.7% during the fourth quarter of 2011, after +0.5% in the third quarter of 2011. In Japan GDP dropped by 0.6% in the fourth quarter of 2011, after +1.7% in the previous quarter.

Compared with the fourth quarter of 2010, GDP gained 1.6% in the United States (after +1.5% in the previous quarter) and fell by 1.0% in Japan (after -0.6%).

GDP increased by 1.4% in the euro area and by 1.5% in the EU27 in 2011

Over the whole year 2011, GDP increased by 1.4% in the euro area and by 1.5% in the EU27, compared with +1.9% and +2.0% respectively in 2010.

Over the whole year 2011, GDP increased by 1.7% in the United States (+3.0% in 2010) and contracted by 0.9% in Japan (+4.4% in 2010).