GDP up by 0.3% in both the euro area and the EU (2024)

Euro indicators 30 July 2024 Next release: 30 October 2024

Preliminary flash estimate for the second quarter of 2024

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+0.6% and +0.7% respectively compared with the second quarter of 2023

Announcement

Following recommendations for a harmonised European revision policy for national accounts and balance of payments, EU countries will carry out a benchmark revision of their national accounts estimates in 2024. The purpose of this benchmark revision is to implement changes introduced by the amended ESA 2010 regulation, and to incorporate new data sources and other methodological improvements. Most of the revised quarterly and annual country data are expected to be released by Eurostat between June and October 2024, and will be progressively integrated in European estimates. The impact of these revisions is expected to be limited, but still noticeable for some European aggregates and more pronounced for certain Member States. For further details, please consult the available documentation on Eurostat’s website.

Overview

In the second quarter of 2024, seasonally adjusted GDP increased by 0.3% in both the euro area and the EU, compared with the previous quarter, according to a preliminary flash estimate published by Eurostat, the statistical office of the European Union. In the first quarter of 2024, GDP had also grown by 0.3% in both zones.

These preliminary GDP flash estimates are based on data sources that are incomplete and subject to further revisions.

GDP up by 0.3% in both the euro area and the EU (1)

Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 0.6% in the euro area and by 0.7% in the EU in the second quarter of 2024, after +0.5% in the euro area and +0.6% in the EU in the previous quarter.

GDP up by 0.3% in both the euro area and the EU (2)

Among the Member States for which data are available for the second quarter of 2024, Ireland (+1.2%) recorded the highest increase compared to the previous quarter, followed by Lithuania (+0.9%) and Spain (+0.8%). The highest declines were recorded in Latvia (-1.1%), Sweden (-0.8%) and Hungary (-0.2%). The year on year growth rates were positive for eight countries and negative for three.

Table

Published growth rates of GDP in volume up to 2024Q2

(based on seasonally adjusted* data)

Percentage change compared with the previous quarter

Percentage change compared with the same quarter of the previous year

2023Q3

2023Q4

2024Q1

2024Q2

2023Q3

2023Q4

2024Q1

2024Q2

Euro area

0.0

0.0

0.3

0.3

0.1

0.2

0.5

0.6

EU

0.1

0.0

0.3

0.3

0.2

0.4

0.6

0.7

Belgium

0.3

0.3

0.3

0.2

1.3

1.3

1.3

1.1

Czechia

-0.4

0.3

0.2

0.3

-0.4

0.0

0.3

0.4

Germany

0.2

-0.4

0.2

-0.1

-0.3

-0.2

-0.1

-0.1

Ireland

-1.7

-1.5

0.7

1.2

-8.3

-9.8

-4.0

-1.4

Spain

0.5

0.7

0.8

0.8

1.9

2.2

2.6

2.9

France

0.1

0.4

0.3

0.3

0.9

1.3

1.5

1.1

Italy

0.3

0.1

0.3

0.2

0.6

0.7

0.6

0.9

Latvia

-0.3

0.3

0.8

-1.1

0.2

-0.2

0.8

-0.4

Lithuania

-0.1

-0.2

0.9

0.9

0.1

0.1

3.0

1.4

Hungary

0.8

0.0

0.7

-0.2

-0.2

0.5

1.6

1.3

Austria

-0.2

0.1

0.2

0.0

-1.7

-1.3

-1.3

0.0

Portugal

-0.2

0.7

0.8

0.1

1.9

2.1

1.5

1.5

Sweden**

0.2

0.3

0.5

-0.8

-0.7

-0.1

0.7

0.0

* Growth rates to the previous quarter and to the same quarter of the previous year presented in this table are both based on seasonally and calendar adjusted figures, except where indicated. Unadjusted data are not available for all Member States that are included in GDP flash estimates.

** Percentage change compared with the same quarter of the previous year calculated from calendar adjusted data.

Source dataset: namq_10_gdp

GDP up by 0.3% in both the euro area and the EU (3)

The next estimates for the second quarter of 2024 will be released on 14 August 2024.

Notes for users

Revisions

The reliability of GDP flash estimates was tested by dedicated working groups and revisions of subsequent estimates are continuously monitored. Further information can be found on Eurostat website.

With this preliminary flash estimate, euro area and EU GDP figures for earlier quarters are not revised.

All figures presented in this release may be revised with the GDP t+45 flash estimate scheduled for 14 August 2024 and subsequently by Eurostat’s regular estimates of GDP and main aggregates (including employment) scheduled for 6 September 2024 and 18 October 2024, which will reflect the impact of countries’ benchmark revisions as available.

The preliminary flash estimate of GDP growth for the second quarter of 2024 presented in this release is based on the data of 18 Member States, covering 96% of euro area GDP and 94% of EU GDP.

Release schedule

Comprehensive estimates of European main aggregates (including GDP and employment) are based on countries regular transmissions and published around 65 and 110 days after the end of each quarter. To improve the timeliness of key indicators, Eurostat also publishes flash estimates for GDP (after around 30 and 45 days) and employment (after around 45 days). Their compilation is based on estimates provided by EU Member States on a voluntary basis.

This news release presents preliminary flash estimates for euro area and EU after around 30 days.

Methods and definitions

European quarterly national accounts are compiled in accordance with the European System of Accounts 2010 (ESA 2010).

Gross domestic product (GDP) at market prices measures the production activity of resident production units. Growth rates are based on chain-linked volumes.

Two statistical working papers present the preliminary GDP flash methodology for the European estimates and Member States estimates.

The method used for compilation of European GDP is the same as for previous releases.

Geographical information

Euro area (EA20): Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.

European Union (EU27): Belgium, Bulgaria, Czechia, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland and Sweden.

For more information

  • Website section on national accounts, and specifically the page on quarterly national accounts

  • Database section on national accounts and metadata on quarterly national accounts

  • Statistics Explained articles on measuring quarterly GDP and presentation of updated quarterly estimates

  • Country specific metadata

  • Country specific metadata on the recording of Ukrainian refugees in main aggregates of national accounts

  • European System of Accounts 2010

  • Euro indicators dashboard

  • Release calendar for Euro indicators

  • European Statistics Code of Practice

Get in touch

Media requests

Eurostat Media Support

Phone: (+352) 4301 33 408

E-mail: eurostat-mediasupport@ec.europa.eu

Further information on data

Thierry COURTEL

Johannes BUCK

E-mail: estat-gdp-query@ec.europa.eu

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GDP up by 0.3% in both the euro area and the EU (2024)

FAQs

GDP up by 0.3% in both the euro area and the EU? ›

Overview. In the second quarter of 2024, seasonally adjusted GDP increased by 0.3% in both the euro area

euro area
The euro area, commonly called the eurozone (EZ), is a currency union of 20 member states of the European Union (EU) that have adopted the euro (€) as their primary currency and sole legal tender, and have thus fully implemented EMU policies. Euro area. Austria.
https://en.wikipedia.org › wiki › Eurozone
and the EU, compared with the previous quarter, according to a preliminary flash estimate published by Eurostat, the statistical office of the European Union.

What is the GDP growth rate in the euro zone? ›

The eurozone's gross domestic product grew at an annualised rate of 0.3% in the second quarter of 2024, matching the growth rate of the first quarter. This surpassed the anticipated 0.2% growth, indicating a slightly faster-than-expected recovery.

What is the real GDP growth rate in the EU? ›

GDP up by 0.3% in the euro area and the EU

Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 0.5% in the euro area and by 0.6% in the EU in the first quarter of 2024, after an increase of 0.2% in the euro area and 0.4% in the EU the previous quarter.

What is the GDP of the EU zone? ›

Economy of the European Union
Statistics
GDP$18.98 trillion (nominal; 2024) $26.64 trillion (PPP; 2024)
GDP growth2.3% (2018) 1.7% (2019) −5.9% (2020) 5.4% (2021)
GDP per capita$43,300 (nominal; 2024) $59,050 (PPP; 2024)
GDP by sectorAgriculture: 1.5% Industry: 24.5% Services: 70.7% (2016 est.)
36 more rows

What is the GDP growth rate in the euro area trading economics? ›

RelatedLastUnit
GDP Growth Annualized1.30percent
GDP Growth Rate0.30percent
GDP per Capita37399.93USD
GDP per Capita PPP55834.68USD
3 more rows

What is the GDP rate of the euro? ›

The Euro Area economy recorded an average real GDP growth rate of 1.4% in the decade to 2022, below the 1.8% average for Major Economies. In 2022, real GDP growth was 3.4%.

What is the real GDP forecast for the EU? ›

EU GDP growth is forecast to improve to 1.6% in 2025, a downward revision of 0.1 pps. from winter. In the euro area, GDP growth in 2025 is projected to be slightly lower, at 1.4% - also marginally revised down. Importantly, almost all Member States are expected to return to growth in 2024.

Is the GDP of EU bigger than the US? ›

The EU GDP per capita is 55% that of the US GDP per capita, PPP.

How big is the EU GDP compared to the world GDP? ›

The International Comparison Program (ICP) showed that, in 2021, the EU's gross domestic product (GDP) represented 15.2% of world GDP when expressed in purchasing power standards (PPS).

Which country has the highest real GDP growth rate? ›

Real GDP growth rate
RankCountry%
1Macau80.53
2Guyana33.02
3Falkland Islands (Islas Malvinas)25.5
4Monaco11.1
115 more rows

What is the average GDP of the EU? ›

In 2023, average GDP per inhabitant for the EU (in current prices) was €37 610. Values expressed in PPS have been adjusted for differences in price levels across countries.

What is the richest country in the EU? ›

It is also a member of NATO and the United Nations. Luxembourg is the wealthiest country in the European Union, per capita, and its citizens enjoy a high standard of living. It is a major center for large private banking, and its finance sector is the biggest contributor to its economy.

What is the lowest GDP in the EU? ›

Bulgaria had the lowest level of GDP per capita in the EU in 2023, behind Greece, Latvia and Slovakia. Luxembourg had the highest price level for actual individual consumption in the EU in 2023, Romania the lowest.

What is the EU real GDP growth by year? ›

European Union gdp growth rate for 2022 was 3.45%, a 2.56% decline from 2021. European Union gdp growth rate for 2021 was 6.01%, a 11.66% increase from 2020. European Union gdp growth rate for 2020 was -5.65%, a 7.46% decline from 2019. European Union gdp growth rate for 2019 was 1.81%, a 0.26% decline from 2018.

What is the trade to GDP ratio in the EU? ›

Trade is the sum of exports and imports of goods and services measured as a share of gross domestic product. European Union trade to gdp ratio for 2022 was 105.96%, a 12.97% increase from 2021. European Union trade to gdp ratio for 2021 was 92.98%, a 7.71% increase from 2020.

What is the GDP growth rate of the economy? ›

GDP is important because it gives information about the size of the economy and how an economy is performing. The growth rate of real GDP is often used as an indicator of the general health of the economy. In broad terms, an increase in real GDP is interpreted as a sign that the economy is doing well.

What is the GDP growth in the euro zone in 2024? ›

In addition, the regulator raised its forecast for eurozone GDP growth in 2024 to 0.9% from 0.6% expected in March, but lowered it for 2025 to 1.4% from 1.5%. In 2026, the eurozone's GDP is expected to grow by 1.6% and inflation will reach 1.9%.

What is the productivity growth of the euro area? ›

Over the first two decades of the currency union, labour productivity (output per worker) in the euro area has been weak, at least when compared to other advanced economies. While productivity grew annually on average by 0.6 percent from 1999 to 2019, the average pace was more than twice as fast in the United States.

What are GDP growth rates? ›

The real economic growth rate, or real GDP growth rate, measures economic growth, as expressed by gross domestic product (GDP), from one period to another, adjusted for inflation or deflation.

What is the GDP PPP of the euro area? ›

GDP per Capita PPP in Euro Area averaged 47648.23 USD from 1990 until 2023, reaching an all time high of 55864.65 USD in 2022 and a record low of 38305.26 USD in 1990.

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