GDP fell by 2.5% in the euro area (EA16) and by 2.4% in the EU27 during the first quarter of 2009, compared with the previous quarter, according to first estimates released by Eurostat, the Statistical Office of the European Communities. In the fourth quarter of 2008, growth rates were -1.8% in the euro area and -1.7% in the EU27.

Compared with the first quarter of 2008, seasonally adjusted GDP declined by 4.8% in the euro area and by 4.5% in the EU27, after -1.7% and -1.6% respectively for the previous quarter.

Variation in components of GDP

During the first quarter of 2009, household final consumption expenditure declined by 0.5% in the euro area and by 1.0% in the EU27 (after -0.4% and -0.6% respectively in the previous quarter). Investments fell by 4.2% in the euro area and by 4.4% in the EU27 (after -4.3% and -3.5%). Exports decreased by 8.1% in the euro area and by 7.8% in the EU27 (after -7.2% and -6.5%). Imports dropped by 7.2% in the euro area and by 7.8% in the EU27 (after -5.1% and -5.4%).

US and Japanese GDP declined

In the United States GDP decreased by 1.5% during the first quarter of 2009 after -1.6% in the fourth quarter of 2008. In Japan GDP fell by 4.0% in the first quarter of 2009, after -3.8% in the previous quarter.

Compared with the first quarter of 2008, GDP declined by 2.5% in the United States (after -0.8% in the previous quarter) and by 9.1% in Japan (after -4.5%).

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