Euro area GDP goes up by 0.4% and EU27 GDP up by 0.5%

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EurostatEuro area GDP up by 0.4% and EU27 GDP up by 0.5% +2.2% and +2.5% respectively compared with the fourth quarter of 2006

Euro area (EA13) GDP grew by 0.4% and EU27 GDP by 0.5% in the fourth quarter of 2007 compared with the previous quarter, according to second estimates from Eurostat, the Statistical Office of the European Communities. In the third quarter of 2007, growth rates were +0.7% in the euro area and +0.8% in the EU27.

In comparison with the same quarter of the previous year, seasonally adjusted GDP grew in the fourth quarter of 2007 by 2.2% in the euro area and by 2.5% in the EU27, after +2.7% and +2.9% respectively in the previous quarter.

In the fourth quarter of 2007 and among the Member States for which seasonally adjusted GDP data are available, Slovakia (+3.3%) recorded the highest growth rate compared with the previous quarter, followed by Poland (+2.0%) and the Czech Republic (+1.7%).

Private consumption static, growth in investment and exports

In the fourth quarter of 2007, household final consumption expenditure decreased by 0.1% in the euro area and increased by 0.1% in the EU27 (after +0.5% and +0.6% in the previous quarter). Investment increased by 0.8% in the euro area and by 1.2% in the EU27 (after +1.1% and +1.4%). Exports rose by 0.6% in the euro area and by 0.9% in the EU27 (after +2.0% in both zones). Imports decreased by 0.3% in the euro area and by 0.1% in the EU27 (after +2.5% and +3.0%).

US GDP up by 0.1%, Japanese GDP up by 0.9%

Among the main partners of the EU, GDP grew by 0.1% in the US in the fourth quarter of 2007 (after +1.2% in the previous quarter). In Japan GDP increased by 0.9% in the fourth quarter of 2007 (+0.3% in the previous quarter). Compared with the fourth quarter of 2006, GDP rose by 2.5% in the US (+2.8% in the previous quarter) and by 1.8% in Japan (+1.9% in the previous quarter).

In 2007 GDP grew by 2.6% in the euro area and by 2.9% in the EU27

Over the whole year 2007, GDP grew by 2.6% in the euro area and by 2.9% in the EU27, compared to +2.8% and +3.1% respectively for 2006.

Over the whole year 2007, GDP grew by 2.2% in the US (+2.9% in 2006) and by 2.1% in Japan (+2.4% in 2006).

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