Analytics, Economics, EU – CIS
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Friday, 22.11.2024, 17:12
EU's economic growth contracted 1.1% in Q4 2008; Latvia had the steepest decrease
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The GDP of Latvia fell 10.5% in the fourth quarter last year, compared to the fourth quarter of 2008, and it was the biggest decrease in the EU. Italy registered a 2.6% decrease, Portugal 2.1%, Great Britain 1.8%, and Germany 1.6%, writes LETA.
On the other hand, Cyprus saw the fastest GDP growth of 3%, followed by Slovakia – 2.7%, Greece – 2.6%, the Czech Republic – 1%, and Austria – 0.5%.
Compared to the third quarter, the EU's GDP decreased 1.5% and the Eurozone GDP decreased as much. The Eurozone, where GDP has been decreasing for three consecutive quarters already, is in recession.
Compared to the third quarter, Lithuania registered the biggest GDP decrease in the fourth quarter, 2.4%, the decrease in Germany was 2.1%, Portugal – 2%, and Italy – 1.8%. Slovakian GDP increased 2.1%, whilst Cyprus' GDP increased 0.6%.
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