Brussels, 08/07/2009 (Agence Europe) - During the fist quarter 2009, eurozone GDP fell by 2.5% and that of the EU27 by 2.4% compared to the previous quarter, when growth had fallen 1.8% in both areas. Compared to the same quarter of 2008, 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%), according to the latest Eurostat estimates published on Wednesday 8 July.
For components of GDP, household final consumption expenditure in the first quarter of 2009 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%).
In the USA, GDP was down by 1.4% during the first quarter of 2009 (-1.6% in the first quarter, while 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). (A.B./transl.jl)