Eurozone GDP grows 0.3% in Q1 2024

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on May 15, 2024
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  • Eurozone and EU GDP both increased by 0.3% in the first quarter of 2024 compared to the previous quarter.
  • Year-over-year GDP growth was 0.4% for both the Eurozone and the EU.
  • Employment grew by 0.3% in the Eurozone and 0.2% in the EU compared to Q4 2023.

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Eurozone’s gross domestic product (GDP) saw a 0.3% increase in the first quarter of 2024 compared to the previous three months, according to a second flash estimate report released by the European Commission’s Eurostat on Wednesday.

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This figure aligns with the initial flash estimate. Across the entire European Union (EU), GDP also rose by 0.3% over the same period.

Eurozone’s GDP indicates economic expansion

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On a year-over-year basis, GDP growth was recorded at 0.4% for both the euro area and the EU.

This steady growth indicates a consistent, albeit modest, economic expansion across the region over the past year.

What do the employment numbers say?

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The first quarter of 2024 also saw an increase in employment. In the Eurozone, the number of employed individuals grew by 0.3% compared to the fourth quarter of 2023.

In the EU, employment rose by 0.2% over the same period. Annually, employment figures increased by 1% in the Eurozone and by 0.7% in the EU, reflecting a positive trend in job creation across the region.

Eurozone’s economic outlook

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The consistent growth in both GDP and employment underscores the resilience of the Eurozone and EU economies amid various global challenges.

The data highlights ongoing recovery efforts and a stable economic environment, fostering optimism for continued growth in the coming quarters.

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