In the fourth quarter 2008 GDP fell by 1.5% on the third quarter in both the Eurozone and the EU27. In the third quarter last year the respective changes had been -0.2% and -0.3% respectively on the second quarter. In comparison with the fourth quarter in 2007 GDP decreased by 1.3% in both European regions. In the third quarter 2008 GDP had still been up by +0.6% and +0.7% respectively as compared to the third quarter in 2007.
Consumer spending by private households fell by 0.9% in the Eurozone and by 0.8% in the EU27 in the fourth quarter of 2008. Investment was down by 2.7% and 2.5% respectively. Exports from the Eurozone dropped by 7.3% and those from the EU27 by 6.8%. Imports to both regions fell by 5.5%.
In the USA, GDP fell by 1.6% in the fourth quarter 2008 on third quarter. As compared to the fourth quarter in 2007 GDP fell by 0.8% in the USA and by 4.6% in Japan.
Over the entire year 2008 GDP grew by 0.8% in the Eurozone and by 0.9% in the EU27. For the USA and Japan the respective figures for 2008 were +1.1% and -0.7%.
For the time being the above figures are still provisional ones published by the European Statistical Office (Eurostat).