The GDP dropped by 1.5 per cent in both the euro area (EA15) and the EU27 during the fourth quarter of 2008, compared with the previous quarter, according to estimates published by Eurostat, the Statistical Office of the European Communities, while in the third quarter of 2008, growth rates were -0.2 per cent in both zones.

Compared with the same quarter of the previous year, seasonally adjusted GDP dropped by 1.2 per cent in the euro area and by 1.1 per cent in the EU27 in the fourth quarter of 2008, after +0.6 per cent and +0.8 per cent respectively in the previous quarter.

During the fourth quarter of 2008, US GDP dropped by 1.0 per cent compared with the previous quarter, after -0.1 per cent in the third quarter.

US GDP dropped by 0.2 per cent compared with the same quarter of the previous year (+0.7 per cent in the previous quarter).

Over the whole year 2008, GDP grew by 0.7 per cent in the euro area and by 0.9 per cent in the EU27.

Related Articles:

• Euro area external trade deficit 5.6 bn euro
  by MaltaMedia News -17 November 2008
• The price of oil slumps as Eurozone sinks into a recession
  by MaltaMedia News -5 December 2008
• Industrial turnover on the rise
  by MaltaMedia News -21 June 2012
• Malta among leading EU countries in GDP growth
  by MaltaMedia News -27 August 2014
• Malta shows largest decrease in industrial production- Eurostat
  by MaltaMedia News -13 April 2011