GDP up by 0.3% in both the euro area and the EU
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.
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.
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
|
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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.
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