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Economy in Brief

EMU GDP Growth Decelerates
by Robert Brusca March 4, 2008

EMU GDP rose at an annual rate of 1.5% in Q4 bringing its year/year growth down to 2.2% from 2.6% in 2007-Q3. Private consumption spending fell by 0.3% at an annual rate. Domestic demand in total was flat in the quarter and is rising at a 1.9% annual rate over four quarters. Export growth slowed sharply in the quarter and is showing a decline in its year-over-year rate. Imports fell in Q4 and their growth also has been moderating in 2007. Euro growth shows broad based slowing, but growth that is still holding up. Private consumption is weak and that remains a sticking point within the EMU.

European GDP EU-13
  GDP Consumption Capital Formation Trade Domestic
Demand
Private Public Total Excl
Housing
Housing X-M:
Bil Euros
Exports Imports
% Change Q/Q; X-M is Q/Q Change in Bil of Euros
Q4-07 1.5% -0.3% -0.3% 1.0% #N/A #N/A #N/A 2.2% -1.5% 0.0%
Q3-07 3.0% 2.0% 2.7% 8.7% 10.4% 3.3% -2.3 8.6% 10.3% 3.6%
Q2-07 1.1% 2.5% 0.7% -5.6% -5.7% -5.5% 5.0 3.2% 1.2% 0.3%
Q1-07 3.2% 0.2% 4.4% 14.2% 16.6% 7.1% -2.7 3.7% 5.7% 4.0%
% Change Yr/Yr; X-M is Yr/Yr Change in Gap in Bil of Euros
Q4-07 2.2% 1.1% 1.8% 4.3% #N/A #N/A #N/A 4.4% 3.8% 1.9%
Q3-07 2.6% 1.6% 2.2% 3.3% 3.7% 2.1% 11.0 7.1% 5.9% 2.1%
Q2-07 2.4% 1.6% 2.1% 3.1% 3.4% 2.4% 8.8 5.8% 5.0% 2.0%
Q1-07 3.1% 1.4% 2.2% 7.5% 7.8% 6.6% 6.6 6.6% 6.0% 2.9%
5-Yrs 2.0% 1.5% 1.7% 3.8% #N/A #N/A na 5.4% 5.5% 2.0%
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