Euro Area GDP Down by 0.3%

GDP decreased by 0.3% in both the euro area (EA17) during the fourth quarter of 2011, compared with the previous quarter, according to second estimates released by Eurostat, the statistical office of the European Union. In the third quarter of 2011, growth rate was +0.1%.

Compared with the fourth quarter of 2010, seasonally adjusted GDP rose by 0.7% in the euro area after +1.3% in the previous quarter.

During the fourth quarter of 2011, household final consumption expenditure decreased by 0.4% in the euro area and by 0.2% in the EU27 (after +0.3% and +0.2% respectively in the previous quarter). Gross fixed capital formation fell by 0.7% in both zones (after -0.3% in both zones). Exports dropped by 0.4% in the euro area and by 0.1% in the EU27 (after +1.4% and +1.3%). Imports decreased by 1.2% in the euro area and by 0.8% in the EU27 (after +0.7% in both zones).

Over the whole year 2011, GDP increased by 1.4% in the euro area, compared with +1.9% in 2010., Eurostat
3/6/2012 11:01:03 AM