GDP fell by 1.5 per cent in both the euro area and the EU27 during the fourth quarter of 2008, compared with the previous quarter, according to first estimates released by Eurostat, the Statistical Office of the European Communities.

A media statement on March 5 2009 said that in the third quarter of 2008, growth rates were minus 0.2 per cent in the euro area and  minus 0.3 per cent in the EU27.

The euro area (EA15) consisted of 15 EU member states up to December 31 2008: Belgium, Germany, Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia and Finland. From January 1 2009 the euro area also includes Slovakia.

Compared with the fourth quarter of 2007, seasonally adjusted GDP declined by 1.3 per cent in both the euro area and in the EU27, after +0.6 per cent and +0.7 per cent respectively for the previous quarter.

During the fourth quarter of 2008, household final consumption expenditure declined by 0.9 per cent in the euro area and by 0.8 per cent in the EU27 (after +0.1 per cent in both zones in the previous quarter).

Investments fell by 2.7 per cent in the euro area and by 2.5 per cent in the EU27 (after -0.6 per cent and -1.0 per cent).

Exports decreased by 7.3 per cent in the euro area and by 6.8 per cent in the EU27 (after 0.0 per cent in both zones).

Imports dropped by 5.5 per cent in both the euro area and the EU27 (after +1.4 per cent and +1.0 per cent).

In the United States, GDP decreased by 1.6 per cent during the fourth quarter of 2008 after -0.1 per cent in the third quarter. In Japan GDP fell by 3.3 per cent in the fourth quarter of 2008, after -0.6 per cent in the previous quarter.

Over the whole year 2008, GDP grew by 0.8 per cent in the euro area and by 0.9 per cent in the EU27, compared to +2.6 per cent and +2.9 per cent respectively for 2007.