GDP fell 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 first estimates released by Eurostat, the Statistical Office of the European Communities. In the third quarter of 2008, growth rates were -0.2% in the euro area and -0.3% in the EU27.

Compared with the fourth quarter of 2007, seasonally adjusted GDP declined by 1.3% in both the euro area and in the EU27, after +0.6% and +0.7% respectively for the previous quarter.

Variation in components of GDP

During the fourth quarter of 2008, household final consumption expenditure declined by 0.9% in the euro area and by 0.8% in the EU27 (after +0.1% in both zones in the previous quarter). Investments fell by 2.7% in the euro area and by 2.5% in the EU27 (after -0.6% and -1.0%). Exports decreased by 7.3% in the euro area and by 6.8% in the EU27 (after 0.0% in both zones). Imports dropped by 5.5% in both the euro area and the EU27 (after +1.4% and +1.0%).

US and Japanese GDP declined

In the United States GDP decreased by 1.6% during the fourth quarter of 2008 after -0.1% in the third quarter. In Japan GDP fell by 3.3% in the fourth quarter of 2008, after -0.6% in the previous quarter.

Compared with the fourth quarter of 2007, GDP declined by 0.8% in the United States (after +0.7% in the previous quarter) and by 4.6% in Japan (after -0.2%).

In 2008 GDP grew by 0.8% in the euro area and by 0.9% in the EU27

Over the whole year 2008, GDP grew by 0.8% in the euro area and by 0.9% in the EU27, compared to +2.6% and +2.9% respectively for 2007.

Over the whole year 2008, GDP grew by 1.1% in the US (+2.0% in 2007) and fell by 0.7% in Japan (+2.4% in 2007).