GDP increased by 0.1% in both the euro area (EA16) and the EU27 during the fourth quarter of 2009, compared with the previous quarter, according to first estimates released by Eurostat, the statistical office of the European Union. In the third quarter of 2009, growth rates were +0.4% in the euro area and +0.3% in the EU27.

Compared with the fourth quarter of 2008, seasonally adjusted GDP declined by 2.1% in the euro area and by 2.3% in the EU27, after -4.1% and -4.3% respectively for the previous quarter.

Variation in components of GDP

During the fourth quarter of 2009, household final consumption expenditure was stable in both the euro area and the EU27 (after -0.2% in both zones in the previous quarter). Investments fell by 0.8% in the euro area and by 1.3% in the EU27 (after -0.9% and -0.7% respectively). Exports increased by 1.7% in the euro area and by 1.9% in the EU27 (after +2.9% and +2.5%). Imports increased by 0.9% in the euro area and by 1.4% in the EU27 (after +2.8% in both zones).

US and Japanese GDP increased

In the United States GDP increased by 1.4% during the fourth quarter of 2009, after +0.6% in the third quarter of 2009. In Japan GDP increased by 1.1% in the fourth quarter of 2009, after 0.0% in the previous quarter.

Compared with the fourth quarter of 2008, GDP increased by 0.1% in the United States (after -2.6% in the previous quarter), but decreased by 0.9% in Japan (after -4.9%).

GDP decreased by 4.1% in the euro area and by 4.2% in the EU27 in 2009

Over the whole year 2009, GDP decreased by 4.1% in the euro area and by 4.2% in the EU27, compared with +0.6% and +0.8% respectively for 2008.

Over the whole year 2009, GDP decreased by 2.4% in the US (+0.4% in 2008) and by 5.0% in Japan (-1.2% in 2008).