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GDP of EU27 falling as well

The gross national product (GDP) of the Eurozone (EZ15) as well as that of the EU27 fell by 0.2% in the third quarter 2008 as compared to the second quarter. In the second quarter this year the GDP of the Eurozone had already fallen by 0.2% and that of the EU27 remained unchanged. In relation to the third quarter 2007 GDP of the Eurozone and the EU27 grew by 0.6% and 0.8% respectively in the third quarter this year after adjustment for season.

According to the European Statistical Office (Eurostat), consumer spending remained unchanged in the Eurozone in the third quarter 2008. In the EU27 consumer spending increased by 0.1%. In the second quarter consumer spending had decreased (by -0.2% and -0.1% respectively). Investments were down by 0.6% and 0.8% in the Eurozone and the EU27 respectively (following -0.9% and -1.0% in the second quarter). Exports increased by 0.4% in the Eurozone and by 0.3% in the EU27. Imports increased as well: in the Eurozone by 1.7% and by 1.3% in the EU27 (following -0.4% in the second quarter in both regions).

In the USA GDP fell by 0.1% in the third quarter as compared to the second quarter and increased by 0.7% in comparison to the third quarter in 2007. In Japan the respective changes were +0.1% and 0.0%. GERMAN