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

Table of Contents
Announcement GDP growth in the euro area and the EU GDP growth by Member State GDP components and contributions to growth Employment growth in the euro area and EU Employment growth in Member States Employment levels in the euro area and EU Evolution of labour productivity in the euro area and EU Tables Overview on the evolution of main expenditure components Notes for users Revisions Release schedule Methods and definitions Geographical information For more information

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.

GDP growth in the euro area and the EU

In the first 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 an estimate published by Eurostat, the statistical office of the European Union. In the fourth quarter of 2023, GDP had declined by 0.1% in the euro area and had remained stable in the EU.

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

Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 0.4% in the euro area and by 0.5% in the EU in the first quarter of 2024, after +0.2% in the euro area and +0.3% in the EU in the previous quarter.

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

During the first quarter of 2024, GDP in the United States increased by 0.3% compared to the previous quarter (after +0.8% in the fourth quarter of 2023). Compared with the same quarter of the previous year, GDP increased by 2.9% (after +3.1% in the previous quarter).

GDP growth by Member State

Malta (+1.3%) recorded the highest increase of GDP compared to the previous quarter, followed by Cyprus (+1.2%) and Croatia (+1.0%). Decreases were observed in Denmark (-1.8%), Estonia (-0.5%) and the Netherlands (‑0.1%).