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GDP in Europe down by 1.5 percent

According to estimates by the European Statistical Office (Eurostat), GDP generated in the Eurozone (EZ15) and the EU27 fell by 1.5% respectively in the fourth quarter 2008 as compared to the previous quarter. In the third quarter 2008 GDP had decreased by 0.2% in both regions as compared to the second quarter. In comparison with the fourth quarter 2007, GDP fell by 1.2% in the Eurozone and by 1.1% in the EU27 after adjustments for season.

In the United States gross domestic product (GDP) fell by 1.0% in the fourth quarter 2008 as compared to the third quarter and by 0.2% in comparison with the fourth quarter 2007.

Over the entire year 2008 GDP increased by 0.7% and 0.9% in the Eurozone and EU27 respectively. GERMAN