Q3 GDP up in the EU and its Eurozone

Eurozone GDP increased by 0.4% and EU GDP by 0.3% during the third quarter (Q3) of 2009, compared with the previous quarter (Q2/2009), 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 Eurozone and -0.3% in the EU.

In comparison with the same quarter of the previous year (Q3/2008), seasonally adjusted GDP declined in the third quarter of 2009 by 4.0% in the Eurozone 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%).


Components of GDP:

In the third quarter of 2009:
Household final consumption expenditure decreased by 0.1% in the Eurozone and by 0.2% in the EU (after +0.1% and -0.2% respectively in the previous quarter).
Investments fell by 0.8% in the Eurozone and by 0.6% in the EU (after -1.6% and -2.5% in Q2).
Exports increased by 3.1% in the Eurozone and by 2.7% in the EU (after -1.2% and -1.4%). Imports increased by 3.0% in the Eurozone and by 2.9% in the EU (after -2.8% and -2.9%).


Comparisons with the US and Japan:

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)