EU27 GDP Falls 2.4%

Among the main partners of the EU, GDP decreased by 1.4% in the US in the first quarter of 2009 (-1.6% in the previous quarter). In Japan GDP fell by 3.8% in the first quarter of 2009 (-3.6% in the previous quarter).

Euro area1 (EA16) GDP fell by 2.5% and EU271 GDP by 2.4% during the first quarter of 2009, compared with the previous quarter, according to second estimates from Eurostat, the Statistical Office of the European Communities. In the fourth quarter of 2008, growth rates were -1.8% in both zones.

In comparison with the same quarter of the previous year, seasonally adjusted GDP declined in the first quarter of 2009 by 4.9% in the euro area and by 4.7% in the EU27, after -1.7% and -1.6% respectively in the previous quarter.

In the first quarter of 2009, all Member States for which seasonally adjusted GDP data are available registered a negative growth rate compared with the previous quarter, except Poland (+0.4%) and Cyprus (0.0%).

Variation in components of GDP

In the first quarter of 2009, household2 final consumption expenditure declined by 0.5% in the euro area and by 0.6% in the EU27 (after -0.4% and -0.7% respectively in the previous quarter). Investments fell by 4.1% in the euro area and by 4.5% in the EU27 (after -4.1% and -3.4%). Exports fell by 8.8% in the euro area and by 8.3% in the EU27 (after -7.3% and -6.6%). Imports decreased by 7.6% in the euro area and by 7.8% in the EU27 (after -5.2% and -5.4%).
US GDP down by 1.4%, Japanese GDP down by 3.8%

Among the main partners of the EU, GDP decreased by 1.4% in the US in the first quarter of 2009 (-1.6% in the previous quarter). In Japan GDP fell by 3.8% in the first quarter of 2009 (-3.6% in the previous quarter).

Compared with the first quarter of 2008, GDP declined by 2.5% in the US (-0.8% in the previous quarter) and decreased by 8.4% in Japan (-4.4% in the previous quarter).