EU, eurozone fourth-quarter 2011 GDP down by 0.3% - Eurostat

15 February 2012 11:13  [Source: ICIS news]

LONDON (ICIS)--Fourth-quarter GDP fell by 0.3% in both the EU and the eurozone from the previous three-month period, according to initial estimates from statistics agency Eurostat on Wednesday.

Among EU member states, the largest declines were seen in Lithuania (-0.9%), Estonia (-0.8%), Italy and the Netherlands (both -0.7%).

Falls were also seen in the UK (-0.2%), Spain and the Czech Republic (both -0.3%), Belgium (-0.2%) and Austria (-0.1%)

Germany’s economy shrank by 0.2%, while France grew by 0.2%.

Other countries which recorded growth were Slovakia (+0.9%), Latvia (+0.8%), Bulgaria (+0.4%) and Hungary (+0.3%)

GDP in the US increased by 0.7% from the previous quarter and in Japan it declined by 0.6%.

Sequential figures for Greece - which is currently negotiating a bailout deal to avoid bankruptcy - were not available, but on a year-on-year basis its fourth-quarter GDP was down by 7.0%.

Compared with the same period in 2010, seasonally-adjusted fourth-quarter GDP increased by 0.9% in the EU and  0.7% in the eurozone.

For the full year of 2011, GDP increased by 1.6% in the EU and by 1.5% in the eurozone, Eurostat said.

By: Graeme Paterson
+44 20 8652 3214

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