Analytics, Economics, EU – Baltic States

International Internet Magazine. Baltic States news & analytics Wednesday, 04.10.2023, 11:07

Latvia's GDP decreased the most among EU countries in Q4 2008

Nina Kolyako, BC, Riga/Luxemburg, 05.03.2009.Print version
The European Union's gross domestic product (GDP) in the fourth quarter last year decreased 1.3% year-on-year; Latvia's GDP registered the steepest decrease in the EU, 10.5%, according to the EU statistical office Eurostat data published on Thursday. Estonia registered a 9.4% decrease in GDP, Lithuania – 1.1% decrease.

Estonia registered a 9.4% decrease in GDP, Sweden 4.4%, Denmark 3.8%, Italy 2.6%, Portugal 2.1%.


On the other hand, Bulgaria saw the fastest GDP growth of 3.6%, followed by Poland – 3.1%, Cyprus – 3%, Slovakia – 2.7% and Greece – 2.6%.


Compared to the fourth quarter of 2007, the Eurozone GDP shrank 1.3% in Q4, 2008.


The Eurozone, where GDP has been decreasing for three consecutive quarters already, is in recession.


Compared to the third quarter, only Slovakia (+2.1%), Cyprus (+0.6%), Poland and Greece (+0.3% each) registered GDP increase in the fourth quarter. Estonia registered the biggest GDP decrease in the fourth quarter, 4.2%, the decrease in Sweden was 2.4, Germany – 2.1%, Denmark and Portugal – 2%.


The fourth quarter of the 2008 data reveals that recession is aggravating and it has started already in 12 out of the 20 EU countries, for which data were available, including Germany, United Kingdom and Italy.

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