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

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+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

Is the GDP growth in the EU area? ›

GDP growth in the euro area and EU

Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 0.4% both in the euro area and 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.

How much GDP does the EU have? ›

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

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 GDP forecast for the euro area? ›

This Spring Forecast projects GDP growth in 2024 at 1.0% in the EU and 0.8% in the euro area. This is a slight uptick from the Winter 2024 interim Forecast for the EU, but unchanged for the euro area. EU GDP growth is forecast to improve to 1.6% in 2025, a downward revision of 0.1 pps.

What is the richest country in the 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.

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

The United States, by contrast, has a nominal GDP of $20.89 trillion—roughly 14 times the size of Russia's economy. And nominal GDP per capita is $63,413. Even three U.S. states have larger GDPs than Russia: California ($3.1 trillion), Texas ($1.78 trillion) and New York ($1.7 trillion).

What is the GDP of all the countries in the EU? ›

GDP | Europe
CountryLastUnit
European Union18349USD Billion
Euro Area15545USD Billion
Germany4456USD Billion
United Kingdom3340USD Billion
42 more rows

What is the strongest GDP in Europe? ›

Germany

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.

Is Europe's economy better than the US? ›

To sum up, measured in terms of purchasing power parity, which is the right metric for international output comparisons, total EU output is just slightly falling behind US output. But in terms of per-capita income, the EU has narrowed the gap with the US over the past two decades.

What is the beyond GDP EU? ›

The Beyond GDP Initiative aims to ensure that the development and use of new indicators are integrated into decision-making processes at the national and EU levels. The initiative seeks to inform and raise public awareness by publicising research, reports, conferences and other fora for discussion on the topic.

Is the EU doing well economically? ›

The latest GDP data for the euro area show growth slightly above expectations, with all major economies performing slightly better than anticipated in our April 2024 Regional Economic Outlook. The recovery is driven by improving consumer and business sentiment.

What is the GDP of the euro area? ›

Euro Area GDP Data
20182021
Economic Growth (GDP, ann. var. %)1.85.9
GDP (EUR bn)11,65312,475
Economic Growth (Nominal GDP, ann. var. %)3.48.3

What is the GDP growth rate in the EU? ›

In 2022, gross domestic product in the European Union grew by 3.4 percent, as the economic recovery from the COVID-19 recession in 2020 continued, driven by fiscal stimulus and the releasing of pent-up demand from the pandemic period.

What is the euro area annual GDP growth rate? ›

Euro Area GDP Growth Rate 1960-2024
Euro Area GDP Growth Rate - Historical Data
YearGDP Growth (%)Annual Change
20215.93%12.03%
2020-6.10%-7.68%
20191.58%-0.20%
60 more rows

Which country in Europe has the strongest economy? ›

Europe's Richest and Poorest Nations, By GDP Per Capita
RankCountryGDP Per Capita (2024)
1🇱🇺 Luxembourg$131,380
2🇮🇪 Ireland$106,060
3🇨🇭 Switzerland$105,670
4🇳🇴 Norway$94,660
41 more rows
May 6, 2024

What is the inflation rate in the EU? ›

Overview. Euro area annual inflation is expected to be 2.5% in June 2024, down from 2.6% in May according to a flash estimate from Eurostat, the statistical office of the European Union.

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.

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

GDP growth in recent years

UK GDP in Q1 2024 was 1.7% above its pre-pandemic level of Q4 2019. This compares with Eurozone GDP being 3.4% higher, with GDP in Germany up by 0.3%. The US had the highest GDP growth among G7 economies over this period at 8.7%.

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