Euro area GDP up by 0.4% and EU27 GDP up by 0.3%

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Euro area GDP up by 0.4% and EU27 GDP up by 0.3%Euro area (EA16) GDP increased by 0.4% and EU27 GDP by 0.3% during the third quarter of 2009, compared with the previous quarter, according to second estimates from Eurostat, the statistical office of the European Union. In the second quarter of 2009, growth rates were -0.1% in the euro area and -0.3% in the EU27.

In comparison with the same quarter of the previous year, seasonally adjusted GDP declined in the third quarter of 2009 by 4.0% in the euro area and by 4.3% in the EU27, after -4.8% and -5.0% respectively in the previous quarter.

In the third quarter of 2009, among Member States for which seasonally adjusted GDP data are available, Lithuania (6.1%) recorded the highest growth rate compared with the previous quarter, followed by Luxembourg (4.2%) and Slovakia (1.6%). Malta stood at 0.4%.

Variation in components of GDP

In the third quarter of 2009, household final consumption expenditure decreased by 0.1% in the euro area and by 0.2% in the EU27 (after +0.1% and -0.2% respectively in the previous quarter). Investments fell by 0.8% in the euro area and by 0.6% in the EU27 (after -1.6% and -2.5%). Exports increased by 3.1% in the euro area and by 2.7% in the EU27 (after -1.2% and -1.4%). Imports increased by 3.0% in the euro area and by 2.9% in the EU27 (after -2.8% and -2.9%).

US GDP up by 0.6%, Japanese GDP up by 0.3%

Among the main partners of the EU, GDP increased by 0.6% in the US in the third quarter of 2009 (-0.2% in the previous quarter). In Japan GDP increased by 0.3% in the third quarter of 2009 (+0.7% in the previous quarter).

Compared with the third quarter of 2008, GDP declined by 2.6% in the US (-3.8% in the previous quarter) and decreased by 4.7% in Japan (-6.0% in the previous quarter).

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