GDP declined by 1.5% in both the euro area (EA15) and the EU27 during the fourth quarter of 2008, compared with the previous quarter, according to flash estimates published by Eurostat, the Statistical Office of the European Communities. In the third quarter of 2008, growth rates were -0.2% in both zones.

Compared with the same quarter of the previous year, seasonally adjusted GDP decreased by 1.2% in the euro area and by 1.1% in the EU27 in the fourth quarter of 2008, after +0.6% and +0.8% respectively in the previous quarter.

During the fourth quarter of 2008, US GDP decreased by 1.0% compared with the previous quarter, after -0.1% in the third quarter. US GDP decreased by 0.2% compared with the same quarter of the previous year (+0.7% in the previous quarter).

Over the whole year 2008, GDP grew by 0.7% in the euro area and by 0.9% in the EU27.