Brussels, 13/02/2009 (Agence Europe) - In the fourth quarter of 2008, GDP in the eurozone and the EU27 fell by 1.5% on the previous quarter, when it fell by 0.2% in both zones, according to figures released by Eurostat on Friday 13 February 2009. Compared with the fourth quarter of 2007, GDP in the eurozone fell by 1.2% and in the EU27 by 1.1%, compared with rises of 0.6% and 0.8% respectively in the previous quarter.
Several member states saw their economies contract at the end of last year. Compared with the third quarter of 2008, GDP fell in Germany by 2.1%, in Italy by 1.8%, in France by 1.2%, in Spain and Hungary by 1%, in the Netherlands by 0.9%, in the Czech Republic by 0.6% and in Austria by 0.2%. On the basis of these estimates, Eurostat says that, over the whole year 2008, euro area GDP rose by 0.7% and EU27 GDP by 0.9%. In its latest growth forecasts (see EUROPE 9821), the Commission predicted 0.9% growth in the euro area and 1% in the EU27. The Commission said the recession would last all through 2009, with a fall in GDP of 1.9% for the euro area and 1.8% for the EU27. The fall in GDP is likely to continue in the first half of this year, before starting to rise in the second half, with, the Commission hopes, positive growth in 2010 (of 0.4% and 0.5% respectively).
During the fourth quarter of 2008, US GDP decreased by 1.0% compared with the previous quarter, after -0.1% in the third quarter. US GDP decreased by 0.2% compared with the same quarter of the previous year (+0.7% in the previous quarter). (A.B./transl.rt)