The final figure of euro zone fourth quarter GDP showed a slight downward revision from -1.5% Q/Q to -1.6% Q/Q. Looking at the details, household spending (- 0.3% Q/Q from -0.9% Q/Q) and government spending (0.4% M/M from -0.6% M/M) were upwardly revised, while investments was downwardly amended from -2.7% Q/Q to -4.0% Q/Q. Both exports and imports showed an upward revision compared to the preliminary outcome.
Other: UK industrial production remains a drag on growth
In the UK, industrial production came out broadly in line with expectations in February. On a monthly basis, industrial production dropped by 1.0% M/M, while the consensus was looking for a decline by 1.2% M/M. The previous figure was slightly downwardly revised from -2.6% M/M to -2.7% M/M. The year-on-year figure was down by 12.5% Y/Y. Looking at the details, manufacturing dropped by 0.9% M/M and also mining & quarrying was down by 0.9% M/M. These data indicate that production will remain a drag on growth in the first quarter of 2009.
