Brussels, 09/01/2008 (Agence Europe) - Euro area and EU27 GDP both grew by 0.8% in the third quarter of 2007, compared with the previous quarter's rates of +0.3% and +0.5% in the respective areas. On Wednesday 9 January, Eurostat explained that in comparison with the same quarter of the previous year, seasonally adjusted GDP grew in the third quarter of 2007 by 2.7% in the euro area and by 3.0% in the EU27. Lithuania (+5.2%) recorded the highest growth rate compared with the previous quarter, followed by Latvia (+2.8%) and Slovakia (+2.5%).
Household final consumption expenditure increased by 0.5% in the euro area and by 0.7% in the EU27 (after +0.6% in both zones in the previous quarter). Investment increased by 1.2% in the euro area and by 1.5% in the EU27 (after -0.1% and 0.0%). Exports rose by 2.2% both in the euro area and in the EU27 (after +0.9% and +0.7%). Imports increased by 2.6% in the euro area and by 3.0% in the EU27 (after +0.3% and +0.2%).
Among the member states, growth rates of household final consumption ranged from -1.7% in Estonia to +3.0% in Latvia. Growth of gross fixed capital formation varied between -5.2% in Malta and +6.0% in the Netherlands. Exports grew most strongly in Lithuania (+7.4%) while Estonia (-5.0%) recorded the largest decrease. Imports rose the most in Malta (+9.4%) while they fell the most in Estonia (-2.2%).
US GDP was up by 1.2% (after +0.9% in the previous quarter), Japanese GDP up by 0.4% (-0.5% in the previous quarter). In annual terms, US GDP grew by 2.8% (+1.9% in previous quarter) and Japan's by 2.0% (+1.6% in previous quarter). (A.B.)