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September 26, 2020
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Euro area GDP down by 1.6% in Q4 in 2008

Euro area (EA15) GDP fell by 1.6% and EU27 GDP by 1.5% during the fourth quarter of 2008, compared with the previous quarter, according to second estimates from Eurostat, the Statistical Office of the European Communities. In the third quarter of 2008, growth rates were -0.3% in both zones. In comparison with the same quarter of the previous year, seasonally adjusted GDP declined in the fourth quarter of 2008 by 1.5% in the euro area and by 1.4% in the EU27, after +0.6% and +0.7% respectively in the previous quarter.

In the fourth quarter of 2008 and among the Member States for which seasonally adjusted GDP data are available, Slovakia (+2.1%) recorded the highest growth rate compared with the previous quarter, followed by Cyprus (+0.6%), Greece and Poland (both +0.3%).

In the fourth quarter of 2008, household final consumption expenditure declined by 0.3% in the euro area and by 0.4% in the EU27 (after +0.1% and 0.0% respectively in the previous quarter). Investments fell by 4.0% in the euro area and by 3.3% in the EU27 (after -0.7% and -1.1%). Exports fell by 6.7% in the euro area and by 6.1% in the EU27 (after -0.2% and -0.3%). Imports decreased by 4.7% in the euro area and by 5.0% in the EU27 (after +1.3% and +0.9%).

Among the main partners of the EU, GDP decreased by 1.6% in the US in the fourth quarter of 2008 (-0.1% in the previous quarter). In Japan GDP fell by 3.2% in the fourth quarter of 2008 (-0.4% in the previous quarter). Compared with the fourth quarter of 2007, GDP declined by 0.8% in the US (+0.7% in the previous quarter) and by 4.3% in Japan (-0.2% in the previous quarter).

Over the whole year 2008, GDP grew by 0.8% in the euro area and by 0.9% in the EU27, compared with +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 declined by 0.6% in Japan (+2.4% in 2007).

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