GDP up by 0.2% and employment up by 0.2% in the euro area
Announcement
Following recommendations for a harmonised European revision policy for national accounts and balance of payments, EU countries are carrying 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 second quarter of 2024, seasonally adjusted GDP increased by 0.2% 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 first quarter of 2024, GDP had grown by 0.3% in both zones.
Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 0.6% in the euro area and by 0.8% in the EU in the second quarter of 2024, after +0.5% in the euro area and +0.7% in the EU in the previous quarter.
During the second quarter of 2024, GDP in the United States increased by 0.7% compared to the previous quarter (after +0.4% in the first quarter of 2024). Compared with the same quarter of the previous year, GDP increased by 3.1% (after +2.9% in the previous quarter).
GDP growth by Member State
Poland (+1.5%) recorded the highest increase of GDP compared to the previous quarter, followed by Greece (+1.1%) and the Netherlands (+1.0%). The highest decreases were observed in Ireland (-1.0%), Latvia (-0.9%) and Austria (‑0.4%).
GDP components and contributions to growth
GDP components evolved in the second quarter of 2024 as follows:
household final consumption expenditure decreased by 0.1% in the euro area and increased by 0.1% in the EU (after +0.3% in the euro area and +0.4% in the EU in the previous quarter),
government final consumption expenditure increased by 0.6% in the euro area and by 0.7% in the EU (after +0.1% in both zones in the previous quarter),
gross fixed capital formation decreased by 2.2% in the euro area and by 1.8% the EU (after -1.8% and -1.7% respectively),
exports increased by 1.4% both in the euro area and in the EU (after +1.1% in the euro area and +0.7% in the EU), and
imports increased by 0.5% in the euro area and by 0.6% in the EU (after -0.6% and -0.5% respectively).
The contribution to GDP growth from:
household final consumption expenditure was negligible for both the euro area and the EU (0.0 percentage points – pp for both),
government final expenditure was positive for both the euro area and the EU (+0.1 pp for both),
gross fixed capital formation was negative for both the euro area (-0.5 pp) and the EU (-0.4 pp),
changes in inventories was negligible for both the euro area and the EU (0.0 pp for both), and
exports less imports was positive for both the euro area (+0.5 pp) and the EU (+0.4 pp).
Employment growth in the euro area and EU
The number of employed persons increased by 0.2% in the euro area and by 0.1% in the EU in the second quarter of 2024, compared with the previous quarter. In the first quarter of 2024, employment had grown by 0.3% in both zones.
Compared with the same quarter of the previous year, employment increased by 0.8% in both the euro area and the EU in the second quarter of 2024, after +1.0% in the euro area and +0.9% in the EU in the first quarter of 2024.
Hours worked increased by 0.2% in the euro area and by 0.1% in the EU in the second quarter of 2024, compared with the previous quarter. Compared with the same quarter of the previous year, the hours worked increased by 1.4% in the euro area and by 1.2% in the EU.
These data provide a picture of labour input consistent with the output and income measure of national accounts.
Employment growth in Member States
In the second quarter of 2024, Ireland, Lithuania (both +1.1%) and Estonia (+0.8%) recorded the highest growth of employment in persons compared with the previous quarter. The highest decrease of employment was recorded in Romania (-0.5%) and Finland (-0.4%).
Employment levels in the euro area and EU
Based on seasonally adjusted figures, Eurostat estimates that in the second quarter of 2024, 218.6 million people were employed in the EU, of which 170.1 million were in the euro area.
Evolution of labour productivity in the euro area and EU
The combination of GDP and employment data allows an estimation of labour productivity.
In the second quarter of 2024, productivity based on persons decreased by 0.3% in the euro area and remained stable in the EU compared to the same quarter of the previous year.
Based on hours worked, productivity compared with the same quarter of the previous year decreased by 0.2% in the euro area and increased by 0.1% in the EU.
Tables
Growth rates of GDP in volume (based on seasonally adjusted* data) |
||||||||
|---|---|---|---|---|---|---|---|---|
Percentage change compared |
Percentage change compared with the |
|||||||
2023Q3 |
2023Q4 |
2024Q1 |
2024Q2 |
2023Q3 |
2023Q4 |
2024Q1 |
2024Q2 |
|
Euro area |
0.0 |
0.1 |
0.3 |
0.2 |
0.0 |
0.2 |
0.5 |
0.6 |
EU |
0.2 |
0.1 |
0.3 |
0.2 |
0.1 |
0.4 |
0.7 |
0.8 |
Belgium |
0.3 |
0.3 |
0.3 |
0.2 |
1.3 |
1.3 |
1.3 |
1.1 |
Bulgaria |
0.5 |
0.5 |
0.5 |
0.5 |
1.8 |
1.7 |
1.9 |
2.1 |
Czechia |
-0.4 |
0.3 |
0.4 |
0.3 |
-0.4 |
0.0 |
0.4 |
0.6 |
Denmark |
1.2 |
1.7 |
-1.0 |
0.6 |
2.2 |
4.9 |
1.9 |
2.5 |
Germany |
0.2 |
-0.4 |
0.2 |
-0.1 |
-0.3 |
-0.2 |
-0.1 |
0.0 |
Estonia |
-0.5 |
-0.5 |
-0.3 |
0.0 |
-2.9 |
-2.4 |
-1.5 |
-1.3 |
Ireland |
-1.9 |
-1.7 |
0.6 |
-1.0 |
-8.3 |
-9.9 |
-4.1 |
-4.1 |
Greece |
0.1 |
0.4 |
0.8 |
1.1 |
2.1 |
1.3 |
2.1 |
2.3 |
Spain |
0.5 |
0.7 |
0.8 |
0.8 |
1.9 |
2.2 |
2.6 |
2.9 |
France |
0.1 |
0.4 |
0.3 |
0.2 |
0.9 |
1.3 |
1.5 |
1.0 |
Croatia |
-0.8 |
2.0 |
1.0 |
0.8 |
1.8 |
4.4 |
3.9 |
3.0 |
Italy |
0.3 |
0.1 |
0.3 |
0.2 |
0.6 |
0.7 |
0.6 |
0.9 |
Cyprus |
1.1 |
0.9 |
1.0 |
0.7 |
2.4 |
2.2 |
3.3 |
3.7 |
Latvia |
-0.3 |
0.3 |
0.8 |
-0.9 |
0.2 |
-0.2 |
0.8 |
-0.1 |
Lithuania |
-0.1 |
-0.2 |
0.9 |
0.7 |
0.1 |
0.1 |
3.0 |
1.3 |
Luxembourg |
-1.1 |
0.1 |
0.7 |
0.6 |
-1.9 |
-0.6 |
-0.2 |
0.3 |
Hungary |
0.8 |
0.0 |
0.7 |
-0.2 |
-0.2 |
0.5 |
1.6 |
1.3 |
Malta |
1.3 |
0.3 |
2.2 |
0.4 |
8.7 |
7.0 |
6.5 |
4.2 |
Netherlands** |
-0.4 |
0.2 |
-0.3 |
1.0 |
-0.7 |
-0.5 |
-0.6 |
0.8 |
Austria |
-0.4 |
0.1 |
0.1 |
-0.4 |
-1.7 |
-1.3 |
-1.3 |
-0.6 |
Poland |
1.5 |
0.2 |
0.8 |
1.5 |
0.2 |
1.9 |
1.8 |
4.0 |
Portugal |
-0.2 |
0.7 |
0.8 |
0.1 |
1.9 |
2.1 |
1.5 |
1.5 |
Romania |
0.8 |
-0.6 |
0.5 |
0.1 |
3.5 |
1.1 |
2.2 |
0.8 |
Slovenia |
-0.1 |
0.8 |
-0.1 |
0.2 |
1.9 |
2.4 |
1.7 |
0.8 |
Slovakia |
0.5 |
0.6 |
0.6 |
0.4 |
1.8 |
2.1 |
2.6 |
2.1 |
Finland** |
-1.2 |
-0.6 |
0.3 |
0.3 |
-2.0 |
-1.5 |
-1.3 |
-1.2 |
Sweden** |
0.3 |
-0.2 |
0.8 |
-0.3 |
-0.4 |
-0.4 |
0.9 |
0.5 |
Iceland*** |
-2.4 |
1.0 |
-1.0 |
1.7 |
3.7 |
1.4 |
-1.0 |
-0.7 |
Norway |
-0.7 |
1.7 |
0.3 |
1.4 |
-1.6 |
1.0 |
1.0 |
2.6 |
Switzerland |
0.2 |
0.3 |
0.5 |
0.7 |
0.4 |
0.6 |
0.7 |
1.7 |
United States |
1.2 |
0.8 |
0.4 |
0.7 |
2.9 |
3.1 |
2.9 |
3.1 |
* Growth rates to the previous quarter and to the same quarter of the previous year presented in this table are both based on seasonally and calendar adjusted figures, except where indicated. Unadjusted data are not available for all Member States that are included in GDP flash estimates. ** Percentage change compared with the same quarter of the previous year calculated from calendar adjusted data. *** The seasonal adjustment does not include a calendar adjustment for Iceland. Source datasets: namq_10_gdp and naidq_10_gdp (for United States data); gross value added by industry is available in namq_10_a10
|
||||||||
Growth rates of employment in persons* |
||||||||
|---|---|---|---|---|---|---|---|---|
Percentage change compared |
Percentage change compared with the |
|||||||
2023Q3 |
2023Q4 |
2024Q1 |
2024Q2 |
2023Q3 |
2023Q4 |
2024Q1 |
2024Q2 |
|
Euro area |
0.2 |
0.2 |
0.3 |
0.2 |
1.4 |
1.2 |
1.0 |
0.8 |
EU |
0.2 |
0.2 |
0.3 |
0.1 |
1.1 |
0.9 |
0.9 |
0.8 |
Belgium |
0.1 |
0.0 |
0.1 |
0.1 |
0.6 |
0.5 |
0.4 |
0.3 |
Bulgaria |
0.0 |
0.5 |
0.2 |
0.5 |
-0.6 |
1.2 |
0.7 |
1.7 |
Czechia |
-0.2 |
0.1 |
-0.2 |
0.5 |
0.8 |
0.8 |
0.3 |
0.2 |
Denmark |
0.2 |
0.1 |
0.5 |
0.2 |
1.2 |
1.0 |
0.9 |
1.0 |
Germany |
0.0 |
0.1 |
0.1 |
0.1 |
0.7 |
0.5 |
0.4 |
0.4 |
Estonia |
-0.9 |
0.7 |
0.6 |
0.8 |
2.2 |
2.2 |
-1.3 |
1.2 |
Ireland |
0.7 |
0.7 |
0.2 |
1.1 |
3.6 |
3.4 |
1.9 |
2.7 |
Greece |
0.1 |
0.5 |
0.5 |
-0.2 |
0.7 |
1.0 |
1.5 |
0.9 |
Spain |
0.9 |
0.4 |
0.4 |
0.4 |
3.6 |
3.6 |
2.9 |
2.0 |
France |
0.2 |
0.1 |
0.1 |
0.1 |
1.0 |
0.7 |
0.6 |
0.4 |
Croatia |
1.1 |
0.5 |
0.4 |
0.4 |
1.9 |
1.9 |
1.1 |
2.3 |
Italy |
0.1 |
0.5 |
0.4 |
0.4 |
1.7 |
1.6 |
1.2 |
1.4 |
Cyprus |
0.6 |
0.4 |
0.6 |
0.5 |
1.3 |
1.1 |
2.2 |
2.1 |
Latvia |
-0.1 |
-1.0 |
0.3 |
0.0 |
-0.2 |
-0.8 |
-0.9 |
-0.9 |
Lithuania |
1.4 |
0.0 |
0.2 |
1.1 |
1.9 |
2.1 |
2.6 |
1.9 |
Luxembourg |
0.2 |
0.4 |
0.2 |
0.3 |
1.9 |
1.7 |
1.2 |
1.0 |
Hungary |
0.1 |
0.0 |
0.2 |
-0.1 |
0.2 |
0.1 |
0.6 |
0.2 |
Malta |
1.4 |
1.4 |
1.4 |
: |
6.4 |
6.3 |
5.8 |
: |
Netherlands |
0.2 |
0.4 |
0.4 |
0.2 |
1.3 |
1.0 |
1.2 |
1.2 |
Austria |
0.0 |
-0.1 |
0.2 |
-0.2 |
0.8 |
0.4 |
0.4 |
-0.1 |
Poland |
-0.2 |
-0.1 |
-0.4 |
-0.2 |
0.0 |
-0.7 |
-1.0 |
-0.4 |
Portugal |
0.1 |
-0.1 |
1.1 |
0.2 |
1.0 |
1.2 |
1.8 |
1.3 |
Romania |
0.3 |
1.5 |
2.3 |
-0.5 |
-0.6 |
0.3 |
4.0 |
3.7 |
Slovenia |
0.1 |
0.1 |
0.1 |
0.0 |
1.0 |
0.7 |
0.5 |
0.3 |
Slovakia |
0.0 |
0.1 |
-0.2 |
0.0 |
0.2 |
0.3 |
-0.1 |
-0.3 |
Finland |
-0.6 |
-0.7 |
0.1 |
-0.4 |
0.3 |
-0.3 |
-0.1 |
-1.7 |
Sweden |
0.1 |
-0.1 |
-0.1 |
-0.2 |
0.9 |
0.3 |
0.0 |
-0.2 |
Iceland |
0.7 |
0.5 |
0.6 |
0.4 |
3.9 |
2.9 |
2.7 |
2.3 |
Norway |
0.1 |
0.1 |
0.3 |
0.0 |
1.0 |
0.6 |
0.7 |
0.6 |
Switzerland |
-0.3 |
0.4 |
0.3 |
0.2 |
2.0 |
1.9 |
1.1 |
0.5 |
: Data not available * Percentage change in the number of persons employed in resident production units compared with the previous quarter based on seasonally adjusted data. Percentage change compared with the same quarter of the previous year based on non-seasonally adjusted data. See predefined tables: tec00108 (quarterly change), teina305 (annual change), tec00109 (levels) Source dataset: namq_10_a10_e (including breakdowns by industry)
|
||||||||
Growth rates of employment in hours worked* |
||||||||
|---|---|---|---|---|---|---|---|---|
Percentage change compared |
Percentage change compared with the |
|||||||
2023Q3 |
2023Q4 |
2024Q1 |
2024Q2 |
2023Q3 |
2023Q4 |
2024Q1 |
2024Q2 |
|
Euro area |
0.1 |
0.2 |
0.3 |
0.2 |
0.9 |
0.7 |
0.3 |
1.4 |
EU |
0.0 |
0.3 |
0.3 |
0.1 |
0.5 |
0.4 |
0.0 |
1.2 |
Belgium |
: |
: |
: |
: |
: |
: |
: |
: |
Bulgaria |
0.2 |
0.7 |
0.1 |
0.4 |
-1.6 |
1.1 |
0.4 |
2.1 |
Czechia |
-0.9 |
0.8 |
-1.4 |
0.5 |
-0.4 |
1.2 |
-3.0 |
-0.3 |
Denmark |
0.1 |
0.1 |
0.4 |
0.3 |
0.8 |
0.6 |
0.7 |
1.2 |
Germany |
-0.2 |
-0.5 |
0.5 |
0.3 |
0.3 |
-0.2 |
-0.5 |
0.8 |
Estonia |
-1.7 |
1.9 |
0.7 |
1.5 |
1.9 |
2.3 |
-3.0 |
3.1 |
Ireland |
0.9 |
-0.8 |
1.0 |
0.3 |
1.9 |
0.4 |
-0.2 |
2.0 |
Greece |
-3.9 |
4.8 |
1.6 |
-0.7 |
0.7 |
1.6 |
1.6 |
1.7 |
Spain |
1.1 |
0.2 |
-0.2 |
1.0 |
1.9 |
2.9 |
-0.1 |
3.4 |
France |
0.1 |
0.2 |
0.0 |
0.1 |
0.4 |
0.0 |
1.0 |
0.8 |
Croatia |
1.0 |
0.1 |
0.4 |
0.3 |
1.9 |
1.8 |
1.1 |
2.3 |
Italy |
0.4 |
0.8 |
0.6 |
-0.2 |
1.8 |
1.8 |
2.0 |
2.0 |
Cyprus |
1.3 |
0.8 |
0.3 |
-0.1 |
1.7 |
1.5 |
2.6 |
2.3 |
Latvia |
-0.4 |
1.3 |
1.0 |
-1.6 |
-1.2 |
-0.7 |
-0.5 |
0.3 |
Lithuania |
1.1 |
-0.3 |
0.9 |
0.7 |
4.3 |
1.7 |
3.4 |
1.5 |
Luxembourg |
0.0 |
-0.1 |
2.3 |
-0.8 |
0.8 |
-0.3 |
-0.8 |
2.8 |
Hungary |
0.2 |
-0.4 |
0.5 |
0.1 |
-1.1 |
-2.9 |
-2.2 |
1.1 |
Malta |
-5.6 |
2.5 |
3.5 |
: |
2.8 |
1.2 |
-0.2 |
: |
Netherlands |
0.8 |
-0.4 |
0.3 |
0.3 |
0.3 |
-0.3 |
-0.1 |
1.8 |
Austria |
-0.2 |
-1.1 |
-0.8 |
0.5 |
1.3 |
-1.1 |
-2.4 |
-1.6 |
Poland |
-0.1 |
-0.1 |
-0.2 |
-0.6 |
-0.5 |
-1.5 |
-1.8 |
-1.1 |
Portugal |
0.3 |
-1.5 |
0.2 |
1.2 |
1.0 |
-0.9 |
-1.6 |
-0.1 |
Romania |
0.3 |
1.5 |
2.5 |
-0.4 |
-0.7 |
0.5 |
4.2 |
4.0 |
Slovenia |
1.7 |
0.8 |
0.4 |
1.3 |
2.8 |
3.3 |
-1.8 |
6.1 |
Slovakia |
-0.3 |
0.8 |
-0.6 |
-0.5 |
0.2 |
1.3 |
-1.6 |
-0.1 |
Finland |
-1.1 |
-0.9 |
1.4 |
-1.3 |
-1.5 |
-2.0 |
-2.4 |
-0.1 |
Sweden |
-0.1 |
0.8 |
0.0 |
-0.5 |
-2.1 |
-0.5 |
-1.6 |
1.3 |
Iceland |
0.6 |
0.1 |
-2.2 |
6.1 |
3.4 |
1.8 |
-1.0 |
4.7 |
Norway |
0.1 |
0.3 |
0.3 |
-0.1 |
0.0 |
0.0 |
-3.5 |
5.2 |
: Data not available * Percentage change in the number of hours worked in resident production units compared with the previous quarter based on seasonally adjusted data. Percentage change compared with the same quarter of the previous year based on non-seasonally adjusted data. Source dataset: namq_10_a10_e (including breakdowns by industry)
|
||||||||
Overview on the evolution of main expenditure components
GDP and expenditure components seasonally adjusted, chain-linked volumes |
|||||
|---|---|---|---|---|---|
Percentage change compared with the previous quarter |
Percentage change compared with the same quarter of |
||||
Euro area |
EU |
Euro area |
EU |
||
GDP |
2023 Q3 |
0.0 |
0.2 |
0.0 |
0.1 |
2023 Q4 |
0.1 |
0.1 |
0.2 |
0.4 |
|
2024 Q1 |
0.3 |
0.3 |
0.5 |
0.7 |
|
2024 Q2 |
0.2 |
0.2 |
0.6 |
0.8 |
|
Household & NPISH final consumption expenditure |
2023 Q3 |
0.3 |
0.3 |
-0.1 |
-0.1 |
2023 Q4 |
0.0 |
0.1 |
0.9 |
0.9 |
|
2024 Q1 |
0.3 |
0.4 |
0.9 |
1.2 |
|
2024 Q2 |
-0.1 |
0.1 |
0.5 |
0.9 |
|
Government final consumption expenditure |
2023 Q3 |
0.7 |
0.7 |
1.9 |
1.9 |
2023 Q4 |
0.7 |
0.6 |
1.9 |
2.2 |
|
2024 Q1 |
0.1 |
0.1 |
1.7 |
1.8 |
|
2024 Q2 |
0.6 |
0.7 |
2.1 |
2.2 |
|
Gross Fixed Capital Formation |
2023 Q3 |
0.0 |
0.1 |
0.2 |
0.8 |
2023 Q4 |
1.0 |
0.7 |
1.3 |
1.3 |
|
2024 Q1 |
-1.8 |
-1.7 |
-1.0 |
-0.7 |
|
2024 Q2 |
-2.2 |
-1.8 |
-3.0 |
-2.7 |
|
Exports |
2023 Q3 |
-1.2 |
-0.6 |
-2.4 |
-1.5 |
2023 Q4 |
0.3 |
0.4 |
-2.3 |
-1.3 |
|
2024 Q1 |
1.1 |
0.7 |
-0.8 |
-0.5 |
|
2024 Q2 |
1.4 |
1.4 |
1.7 |
1.8 |
|
Imports |
2023 Q3 |
-1.5 |
-1.2 |
-3.1 |
-3.1 |
2023 Q4 |
0.5 |
0.4 |
-2.4 |
-2.3 |
|
2024 Q1 |
-0.6 |
-0.5 |
-1.9 |
-1.7 |
|
2024 Q2 |
0.5 |
0.6 |
-1.1 |
-0.7 |
|
|
|||||
Contribution of expenditure components to change of GDP seasonally adjusted, chain-linked volumes |
|||||
|---|---|---|---|---|---|
Contribution in percentage points to GDP change compared with the previous quarter |
Contribution in percentage points to GDP change compared with the same quarter of the previous year |
||||
Euro area |
EU |
Euro area |
EU |
||
Household & NPISH final |
2023 Q3 |
0.1 |
0.2 |
-0.1 |
0.0 |
2023 Q4 |
0.0 |
0.1 |
0.5 |
0.5 |
|
2024 Q1 |
0.2 |
0.2 |
0.5 |
0.7 |
|
2024 Q2 |
0.0 |
0.0 |
0.3 |
0.5 |
|
Government final consumption |
2023 Q3 |
0.2 |
0.2 |
0.4 |
0.4 |
2023 Q4 |
0.1 |
0.1 |
0.4 |
0.5 |
|
2024 Q1 |
0.0 |
0.0 |
0.4 |
0.4 |
|
2024 Q2 |
0.1 |
0.1 |
0.5 |
0.5 |
|
Gross Fixed Capital Formation |
2023 Q3 |
0.0 |
0.0 |
0.0 |
0.2 |
2023 Q4 |
0.2 |
0.2 |
0.3 |
0.3 |
|
2024 Q1 |
-0.4 |
-0.4 |
-0.2 |
-0.1 |
|
2024 Q2 |
-0.5 |
-0.4 |
-0.6 |
-0.6 |
|
Changes in Inventories* |
2023 Q3 |
-0.4 |
-0.5 |
-0.7 |
-1.2 |
2023 Q4 |
-0.3 |
-0.3 |
-0.9 |
-1.3 |
|
2024 Q1 |
-0.3 |
-0.1 |
-0.6 |
-0.8 |
|
2024 Q2 |
0.0 |
0.0 |
-0.9 |
-0.8 |
|
Exports |
2023 Q3 |
-0.6 |
-0.4 |
-1.2 |
-0.8 |
2023 Q4 |
0.2 |
0.2 |
-1.2 |
-0.7 |
|
2024 Q1 |
0.6 |
0.4 |
-0.5 |
-0.3 |
|
2024 Q2 |
0.7 |
0.7 |
0.9 |
0.9 |
|
Imports |
2023 Q3 |
0.8 |
0.6 |
1.6 |
1.6 |
2023 Q4 |
-0.2 |
-0.2 |
1.2 |
1.2 |
|
2024 Q1 |
0.3 |
0.2 |
1.0 |
0.9 |
|
2024 Q2 |
-0.2 |
-0.3 |
0.6 |
0.4 |
|
|
|||||
GDP and expenditure components in the second quarter of 2024 in millions of euro, seasonally adjusted, at current prices |
||
|---|---|---|
Euro area |
EU |
|
GDP |
3 739 578.3 |
4 425 916.5 |
Household & NPISH final consumption expenditure |
1 984 291.2 |
2 345 140.6 |
Government final consumption expenditure |
803 180.8 |
951 831.3 |
Gross Fixed Capital Formation |
765 256.6 |
918 655.0 |
Changes in Inventories* |
- 11 606.6 |
- 16 226.4 |
Domestic Demand |
3 541 122.0 |
4 199 400.4 |
Exports |
1 902 958.0 |
2 293 032.0 |
Imports |
1 704 501.7 |
2 066 515.9 |
* Changes in inventories include acquisitions less disposals of valuables. Source dataset: namq_10_gdp
|
||
Notes for users
Revisions
The reliability of GDP and employment 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 these estimates, euro area and EU employment and GDP figures for earlier quarters are revised.
Flash estimates of employment and GDP growth were published in News Release issued on 14 August 2024. They were based on a more limited data set than the one used for the present News Release and additionally, on preliminary estimates that have now been revised by some Member States. Revisions for the last quarter are highlighted in bold in the table below:
Growth rates estimates |
To the previous quarter (Q/Q-1) |
To the previous year (Q/Q-4) |
||||||
|---|---|---|---|---|---|---|---|---|
Previous |
Current |
Previous |
Current |
|||||
Euro area |
EU |
Euro area |
EU |
Euro area |
EU |
Euro area |
EU |
|
GDP |
0.3 |
0.3 |
0.2 |
0.2 |
0.6 |
0.8 |
0.6 |
0.8 |
Employment |
0.2 |
0.2 |
0.2 |
0.1 |
0.8 |
0.7 |
0.8 |
0.8 |
The European estimates published today include benchmark revisions from Czechia, Denmark, Germany, Estonia, Ireland, France, Malta, Netherlands, Slovenia and Sweden. All estimates presented in this release may be revised with the t+110 database update scheduled for 18 October 2024, which will reflect the impact of countries’ benchmark revisions as available.
Release schedule
This news release presents estimates for euro area and EU GDP and employment aggregates based on national accounts transmission from all Member States due after t+2 months.
A further estimation is done at around t+110 days after some countries transmit updated estimates.
To increase the timeliness of key indicators, Eurostat also publishes flash estimates for GDP (after around 30 and 45 days) and employment (after around 45 days). The flash estimates are based on estimates provided by most EU Member States on a voluntary basis.
Methods and definitions
European quarterly national accounts are compiled in accordance with the European System of Accounts 2010 (ESA 2010). They include key policy indicators on GDP and employment.
Gross domestic product (GDP) at market prices measures the production activity of resident producer units. Growth rates are based on chain-linked volumes.
Employment covers employees and self-employed working in resident production units (domestic concept). Employment flash estimates are limited to total employment in persons, but regular estimates also cover hours worked and industry breakdowns.
Labour productivity is compiled as the ratio of economic output (GDP, chain-linked volumes with reference year 2010) to labour input (total employment measured in persons or hours worked, for all industries, according to the domestic concept).
The method used for compilation of European GDP and employment estimates 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
Get in touch
Media requests
Eurostat Media Support
Phone: (+352) 4301 33 408
Further information on data
Véronique DENEUVILLE (GDP)
E-mail: estat-gdp-query@ec.europa.eu
Jenny RUNESSON (Employment)