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

Euro indicators 30 April 2024 Next release: 30 July 2024

Preliminary flash estimate for the first quarter of 2024

+0.4% and +0.5% respectively compared with the first quarter of 2023

Overview

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 a preliminary flash 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.

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 0.4% in the euro area and by 0.5% in the EU in the first quarter of 2024, after +0.1% in the euro area and +0.2% 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 first quarter of 2024, Ireland (+1.1%) recorded the highest increase compared to the previous quarter, followed by Latvia, Lithuania and Hungary (all +0.8%). Sweden (-0.1%) was the only Member State that recorded a decrease compared to the previous quarter. The year on year growth rates were positive for nine countries and negative for four.

Tables

Published growth rates of GDP in volume up to 2024Q1*

(based on seasonally adjusted* data)

Percentage change compared with the previous quarter

Percentage change compared with the same quarter of the previous year

2023Q2

2023Q3

2023Q4

2024Q1

2023Q2

2023Q3

2023Q4

2024Q1

Euro area

0.1

-0.1

-0.1

0.3

0.6

0.1

0.1

0.4

EU

0.1

0.0

0.0

0.3

0.6

0.1

0.2

0.5

Belgium

0.3

0.3

0.3

0.3

1.3

1.3

1.3

1.3

Czechia

0.3

-0.8

0.4

0.5

-0.1

-0.6

0.2

0.4

Germany

-0.1

0.1

-0.5

0.2

0.2

-0.1

-0.2

-0.2

Ireland

-0.1

-2.5

-3.4

1.1

-0.4

-5.7

-9.1

-4.9

Spain

0.5

0.5

0.7

0.7

2.0

1.9

2.1

2.4

France

0.6

0.1

0.1

0.2

1.1

0.7

0.8

1.1

Italy

-0.2

0.4

0.1

0.3

0.6

0.6

0.7

0.6

Latvia

-0.4

-0.1

0.4

0.8

-0.3

0.2

-0.1

0.7

Lithuania

2.4

-0.1

-0.2

0.8

0.8

0.1

0.1

2.9

Hungary

0.0

0.9

0.0

0.8

-2.1

-0.2

0.5

1.7

Austria

-1.3

-0.3

0.0

0.2

-1.5

-1.7

-1.4

-1.3

Portugal

0.1

-0.2

0.7

0.7

2.6

1.9

2.1

1.4

Sweden**

-0.8

-0.2

-0.2

-0.1

-0.3

-1.1

-0.2

-1.1

* Growth rates to the previous quarter and to the same quarter of the previous year presented in this table are generally both based on seasonally and calendar adjusted figures since unadjusted data are usually not transmitted for the compilation of GDP flash estimate.

** 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 first quarter of 2024 will be released on 15 May 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 15 May 2024 and subsequently by Eurostat’s regular estimates of GDP and main aggregates (including employment) scheduled for 7 June 2024 and 19 July 2024.

The preliminary flash estimate of the first quarter of 2024 GDP growth presented in this release is based on the data of 18 Member States, covering 95% 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

Julio Cesar CABECA

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? ›

GDP growth in the euro area and EU

How much has the GDP growth in the euro area? ›

The Gross Domestic Product (GDP) In the Euro Area expanded 0.40 percent in the first quarter of 2024 over the same quarter of the previous year. GDP Annual Growth Rate in Euro Area is expected to be 0.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations.

What is the GDP of the EU zone? ›

Economy of the European Union
Trade organisationsWTO, G20, G7 and others
Statistics
Population448,753,823 (EU27, 1 January 2023 prov. est.)
GDP$18.98 trillion (nominal; 2024) $26.64trillion (PPP; 2024)
GDP growth2.3% (2018) 1.7% (2019) −5.9% (2020) 5.4% (2021)
35 more rows

How much does the US GDP growth compared to the EU? ›

GDP growth in the US rose to 2.5% in 2023 from 1.9% in 2022 while in the eurozone it decelerated to 0.5% from 3.4% in 2022, and in the UK it slowed to 0.1% in from 4.3% in the previous year.

What is the combined GDP of the EU? ›

How big is the EU economy? The European Union operates as a single market made up of 27 countries. The total value of all goods and services produced (gross domestic product or GDP) in the EU in 2021 was € 14.5 trillion.

What is the GDP growth rate in the EU? ›

GDP Annual Growth Rate | Europe
CountryLastPrevious
European Union0.40.2
Denmark0.23.5
Moldova0.23.3
United Kingdom0.2-0.2
42 more rows

How big is the euro area GDP compared to the US? ›

Fifteen years on, the eurozone's GDP is just over $15 trillion, while US GDP has soared to $26.9 trillion.

Which country has the richest GDP in EU? ›

1. Luxembourg. Luxembourg is one of the richest countries in Europe. With a population of around 650,000, it boasts a remarkable GDP per capita of over $115,000, making it the highest in the world as of 2022.

What percentage of EU GDP is Germany? ›

Germany ranks eighth in the European Union in terms of GDP per capita with €41 300, well above the EU average (€35 500). It accounts for 25.3% of the EU's total GDP.

What country contributes the most to the European Union? ›

Contributions to the budget of the European Union in 2021, by member state. In 2021 Germany's contribution to the budget of the European Union was more than 33 billion Euros, the highest of any EU member state.

Who is richer, the USA or the EU? ›

As per projections by IMF for 2024, with $28,781 bn United States is leading by $9,803 bn or 1.52 times of the EU ($18,978 bn) on an exchange rate basis. On purchasing power parity basis, the margin is less as the United States ahead by Int. $ 2,473 or 1.09 times of the EU (Int. $26,308 bn).

What is the beyond GDP EU? ›

The Beyond GDP Initiative aims to develop a more comprehensive approach to measuring prosperity and well-being. Adequate indicators are needed to address global challenges such as climate change, poverty, resource depletion, health and quality of life.

Does the US have a high GDP compared to other countries? ›

In 2022, the United States had the largest economy in the world, with a gross domestic product of just under 25.5 trillion U.S. dollars. China had the second largest economy, at around 18.1 trillion U.S. dollars.

How much does the EU contribute to the global GDP? ›

In 2022, the share of the European Union in the global gross domestic product based on purchasing-power-parity amounted to an estimated 14.87 percent. The EU GDP amounted to 16.64 trillion euros in 2022.

Who has the strongest economy in the EU? ›

Germany's economy has consistently had the largest economy in Europe since 1980, even before the reunification of West and East Germany. The United Kingdom, by contrast, has had mixed fortunes during the same time period and had a smaller economy than Italy in the late 1980s.

What share of GDP is EU consumption? ›

European Union Private Consumption accounted for 51.4 % of its Nominal GDP in Dec 2023, compared with a ratio of 52.9 % in the previous quarter. EU Private Consumption contribution to Nominal GDP ratio is updated quarterly, available from Mar 1995 to Dec 2023, with an average share of 55.1 %.

What is the growth rate of the euro area? ›

Euro Area GDP Data

The economy expanded 0.3% in seasonally adjusted quarter-on-quarter terms in Q1 2024. This followed Q4 2023's 0.1% dip and beat market expectations of a 0.2% increase. Compared with Q1 2023, seasonally adjusted GDP increased by 0.4% year on year in Q1, following 0.1% growth in the previous quarter.

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

The eurozone's GDP is expected to grow by 1.3% in 2024. As GMK Center reported earlier, inflation in the eurozone rose by 2.4% y/y in March 2024, slowing down from 2.6% in February. Thus, inflation in Europe has been declining for the third month in a row.

Which country has the highest growing GDP? ›

Since China continues to invest heavily in economic growth, China has come close to becoming the largest economy. Other notable nations like Germany, India, and the United Kingdom follow next.

What is the GDP per capita of the eurozone? ›

Euro Area gdp per capita for 2022 was $40,788, a 4.09% decline from 2021. Euro Area gdp per capita for 2021 was $42,528, a 12.17% increase from 2020. Euro Area gdp per capita for 2020 was $37,915, a 2.54% decline from 2019.

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