GDP stable and employment up by 0.3% in the euro area
GDP growth in the euro area and the EU
In the fourth quarter of 2023, seasonally adjusted GDP remained stable 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 third quarter of 2023, GDP had decreased by 0.1% in the euro area and had remained stable in the EU.
Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 0.1% in the euro area and by 0.2% in the EU in the fourth quarter of 2023, after +0.1% in both zones in the previous quarter.
For the year 2023 as a whole, GDP increased by 0.4% in both the euro area and the EU, after +3.4% in both zones in 2022.
During the fourth quarter of 2023, GDP in the United States increased by 0.8% compared to the previous quarter (after +1.2% in the third quarter of 2023). 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
Denmark (+2.0%) recorded the highest increase of GDP compared to the previous quarter, followed by Croatia (+1.3%) and Slovenia (+1.1%). The highest decreases were observed in Ireland (-3.4%), followed by Estonia and Finland (both ‑0.7%).
GDP components and contributions to growth
GDP components evolved in the fourth quarter of 2023 as follows:
household final consumption expenditure increased by 0.1% in the euro area and by 0.2% in the EU (after +0.3% in both the euro area and the EU in the previous quarter),
government final consumption expenditure increased by 0.6% in the euro area and by 0.3 in the EU (after +0.6% in both zones in the previous quarter),
gross fixed capital formation increased by 1.0% in the euro area and by 0.8% in the EU (after 0.0% and +0.1% respectively),
exports were stable in the euro area and increased by 0.8% in the EU (after -1.2% in the euro area and -1.1%in the EU), and
imports increase by 0.6% in the euro area and by 1.2% in the EU (after -1.4% and -1.6% respectively).
The contribution to GDP growth from:
household final consumption expenditure was negligible for the euro area and positive for the EU (+0.1 percentage points – pp),
government final expenditure was positive for both zones (+0.1 pp for both),
gross fixed capital formation was positive for both the euro area and the EU (+0.2 pp for both),
changes in inventories was negative for both zones (-0.1 pp for both), and
exports minus imports was negative for both the euro area (-0.3 pp) and the EU (-0.2 pp).
Employment growth in the euro area and EU
The number of employed persons increased by 0.3% in the euro area and by 0.2% in the EU in the fourth quarter of 2023, compared with the previous quarter. In the third quarter of 2023, employment had increased by 0.2% in both zones.
Compared with the same quarter of the previous year, employment increased by 1.2% in the euro area and by 1.0% in the EU in the fourth quarter of 2023, after +1.4% in the euro area and +1.2% in the EU in the third quarter of 2023.
For the year 2023 as a whole, the number of persons employed increased by 1.4% in the euro area and by 1.2% in the EU, after +2.3% and +2.0% respectively in 2022.
Hours worked increased by 0.1% in the euro area and by 0.2% in the EU in the fourth quarter of 2023, compared with the previous quarter. Compared with the same quarter of the previous year, the hours worked increased by 0.7% in the euro area and by 0.4% in the EU.
For the year 2023 as a whole, the number of hours worked increased by 1.3% in the euro area and by 1.0% in the EU, after +3.4% and +2.8% respectively in 2022.
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 fourth quarter of 2023, Romania (+1.5%), Malta (+1.4%) and Spain (+0.8%) recorded the highest growth of employment in persons compared with the previous quarter. The highest decline of employment was recorded in Latvia (-1.0%), Finland (-0.6%) and Poland (-0.2%).
Employment levels in the euro area and EU
Based on seasonally adjusted figures, Eurostat estimates that in the fourth quarter of 2023, 217.1 million people were employed in the EU, of which 169.3 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. The analysis of growth compared to the same quarter of the previous year shows that productivity growth fluctuated around 1% for both zones between 2013 and 2018 before the COVID-19 pandemic caused high volatility in 2020.
In the fourth quarter 2023, productivity based on persons decreased by 1.1% in the euro area and by 0.8% 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 1.2% in the euro area and by 0.7% in the EU.
Tables
Growth rates of GDP in volume (based on seasonally adjusted* data) |
||||||||
|---|---|---|---|---|---|---|---|---|
Percentage change compared |
Percentage change compared with the |
|||||||
2023Q1 |
2023Q2 |
2023Q3 |
2023Q4 |
2023Q1 |
2023Q2 |
2023Q3 |
2023Q4 |
|
Euro area |
0.0 |
0.1 |
-0.1 |
0.0 |
1.3 |
0.6 |
0.1 |
0.1 |
EU |
0.1 |
0.1 |
0.0 |
0.0 |
1.2 |
0.6 |
0.1 |
0.2 |
Belgium |
0.4 |
0.3 |
0.4 |
0.3 |
1.7 |
1.3 |
1.4 |
1.5 |
Bulgaria |
0.4 |
0.4 |
0.4 |
0.5 |
2.4 |
2.0 |
1.8 |
1.6 |
Czechia |
0.1 |
0.2 |
-0.8 |
0.2 |
-0.3 |
-0.2 |
-0.8 |
-0.2 |
Denmark |
1.2 |
-0.6 |
0.4 |
2.0 |
2.7 |
0.8 |
0.7 |
3.1 |
Germany |
0.1 |
0.0 |
0.0 |
-0.3 |
-0.1 |
0.1 |
-0.3 |
-0.2 |
Estonia |
-0.7 |
-0.3 |
-0.8 |
-0.7 |
-3.9 |
-3.0 |
-3.1 |
-2.5 |
Ireland |
-3.4 |
-0.1 |
-2.5 |
-3.4 |
2.4 |
-0.4 |
-5.7 |
-9.1 |
Greece |
0.0 |
1.1 |
-0.1 |
0.2 |
2.0 |
2.7 |
2.1 |
1.2 |
Spain |
0.5 |
0.5 |
0.4 |
0.6 |
4.1 |
2.0 |
1.9 |
2.0 |
France |
0.0 |
0.6 |
0.0 |
0.1 |
0.9 |
1.2 |
0.6 |
0.7 |
Croatia |
1.0 |
1.5 |
0.5 |
1.3 |
1.6 |
2.2 |
3.0 |
4.3 |
Italy |
0.5 |
-0.2 |
0.2 |
0.2 |
2.3 |
0.6 |
0.5 |
0.6 |
Cyprus |
0.8 |
-0.4 |
1.3 |
0.6 |
3.1 |
2.1 |
2.4 |
2.2 |
Latvia |
-0.2 |
-0.3 |
0.1 |
0.8 |
-0.2 |
-0.5 |
0.2 |
0.4 |
Lithuania |
-1.9 |
2.4 |
0.0 |
-0.1 |
-2.2 |
0.7 |
0.0 |
0.2 |
Luxembourg |
0.6 |
0.2 |
-1.4 |
0.0 |
-1.3 |
-0.5 |
-2.1 |
-0.6 |
Hungary |
-0.3 |
0.0 |
0.8 |
0.0 |
-1.1 |
-2.1 |
-0.2 |
0.5 |
Malta |
0.9 |
0.8 |
2.3 |
0.3 |
6.3 |
4.9 |
7.0 |
4.3 |
Netherlands** |
-0.5 |
-0.4 |
-0.3 |
0.3 |
1.7 |
-0.2 |
-0.7 |
-0.3 |
Austria |
0.1 |
-1.3 |
-0.3 |
0.0 |
1.8 |
-1.5 |
-1.7 |
-1.4 |
Poland |
0.7 |
-0.1 |
1.1 |
0.0 |
-1.3 |
-0.4 |
0.3 |
1.7 |
Portugal |
1.5 |
0.1 |
-0.2 |
0.8 |
2.5 |
2.6 |
1.9 |
2.2 |
Romania |
-0.8 |
1.4 |
1.0 |
-0.5 |
1.0 |
2.9 |
3.5 |
1.1 |
Slovenia |
0.3 |
1.1 |
0.0 |
1.1 |
1.2 |
1.8 |
1.9 |
2.6 |
Slovakia |
0.2 |
0.5 |
0.3 |
0.3 |
0.9 |
1.3 |
1.2 |
1.3 |
Finland** |
-0.1 |
0.4 |
-1.1 |
-0.7 |
-0.1 |
-0.3 |
-1.6 |
-1.8 |
Sweden** |
0.7 |
-0.7 |
-0.1 |
-0.1 |
1.7 |
-0.3 |
-1.1 |
-0.2 |
Iceland*** |
1.1 |
1.1 |
-2.5 |
0.9 |
8.4 |
4.9 |
2.6 |
0.6 |
Norway |
0.2 |
-0.5 |
-0.5 |
: |
2.6 |
1.0 |
-1.4 |
: |
Switzerland |
0.3 |
-0.2 |
0.3 |
0.3 |
1.5 |
0.4 |
0.4 |
0.6 |
United States |
0.6 |
0.5 |
1.2 |
0.8 |
1.7 |
2.4 |
2.9 |
3.1 |
: Data not available * 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 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 |
|||||||
2023Q1 |
2023Q2 |
2023Q3 |
2023Q4 |
2023Q1 |
2023Q2 |
2023Q3 |
2023Q4 |
|
Euro area |
0.6 |
0.1 |
0.2 |
0.3 |
1.7 |
1.4 |
1.4 |
1.2 |
EU |
0.5 |
0.1 |
0.2 |
0.2 |
1.5 |
1.2 |
1.2 |
1.0 |
Belgium |
0.2 |
0.2 |
0.1 |
0.1 |
1.2 |
0.9 |
0.6 |
0.6 |
Bulgaria |
0.6 |
0.0 |
-0.1 |
0.5 |
2.3 |
1.2 |
-0.6 |
1.2 |
Czechia |
0.2 |
1.0 |
-0.7 |
-0.1 |
1.3 |
0.9 |
0.5 |
0.4 |
Denmark |
0.6 |
0.1 |
0.1 |
0.0 |
1.9 |
1.7 |
1.4 |
0.9 |
Germany |
0.3 |
0.2 |
0.0 |
0.1 |
1.0 |
0.9 |
0.7 |
0.5 |
Estonia |
4.1 |
-1.6 |
-0.9 |
0.6 |
5.0 |
3.4 |
2.2 |
2.2 |
Ireland |
3.4 |
0.6 |
0.7 |
0.5 |
5.9 |
5.0 |
5.6 |
5.1 |
Greece |
0.1 |
0.2 |
0.1 |
0.5 |
1.1 |
1.3 |
0.7 |
1.0 |
Spain |
1.5 |
0.0 |
1.3 |
0.8 |
2.4 |
3.1 |
3.6 |
3.6 |
France |
0.2 |
0.1 |
0.2 |
0.1 |
1.5 |
1.2 |
0.9 |
0.7 |
Croatia |
1.1 |
-0.7 |
1.0 |
0.5 |
2.4 |
1.1 |
1.9 |
1.9 |
Italy |
0.9 |
0.0 |
0.1 |
0.5 |
2.6 |
1.5 |
1.7 |
1.6 |
Cyprus |
0.0 |
0.4 |
0.5 |
0.1 |
2.0 |
1.5 |
1.3 |
1.1 |
Latvia |
0.4 |
-0.1 |
-0.1 |
-1.0 |
1.0 |
0.3 |
-0.2 |
-0.8 |
Lithuania |
-0.8 |
0.7 |
1.4 |
0.0 |
1.0 |
0.8 |
1.9 |
2.1 |
Luxembourg |
0.6 |
0.4 |
0.2 |
0.4 |
2.8 |
2.5 |
1.9 |
1.7 |
Hungary |
0.1 |
0.1 |
0.1 |
-0.1 |
0.1 |
0.2 |
0.3 |
0.1 |
Malta |
1.7 |
1.4 |
1.4 |
1.4 |
7.7 |
6.4 |
6.3 |
5.7 |
Netherlands |
0.2 |
0.1 |
0.2 |
0.3 |
2.4 |
1.6 |
1.2 |
0.8 |
Austria |
0.3 |
0.1 |
0.0 |
0.0 |
1.5 |
1.0 |
0.8 |
0.5 |
Poland |
-0.6 |
0.4 |
0.0 |
-0.2 |
0.6 |
-0.1 |
0.3 |
-0.3 |
Portugal |
0.6 |
0.6 |
0.1 |
-0.1 |
0.1 |
1.2 |
1.0 |
1.2 |
Romania |
-0.8 |
-0.7 |
0.4 |
1.5 |
-1.2 |
-1.9 |
-0.6 |
0.3 |
Slovenia |
0.4 |
0.1 |
0.1 |
0.1 |
1.8 |
1.4 |
1.0 |
0.7 |
Slovakia |
-0.1 |
0.1 |
0.1 |
0.1 |
0.5 |
0.1 |
0.2 |
0.3 |
Finland |
0.1 |
0.6 |
-0.6 |
-0.6 |
1.1 |
1.5 |
0.1 |
-0.5 |
Sweden |
0.6 |
0.3 |
0.0 |
-0.1 |
2.3 |
1.7 |
1.2 |
0.6 |
Iceland |
1.6 |
0.8 |
0.6 |
0.9 |
6.3 |
5.2 |
4.4 |
3.9 |
Norway |
0.4 |
0.0 |
0.1 |
0.1 |
2.2 |
1.5 |
1.0 |
0.7 |
Switzerland |
1.1 |
0.8 |
-0.2 |
0.5 |
2.1 |
2.8 |
2.2 |
2.2 |
* 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 |
|||||||
2023Q1 |
2023Q2 |
2023Q3 |
2023Q4 |
2023Q1 |
2023Q2 |
2023Q3 |
2023Q4 |
|
Euro area |
0.9 |
0.3 |
0.0 |
0.1 |
2.4 |
1.1 |
0.9 |
0.7 |
EU |
0.8 |
-0.1 |
0.0 |
0.2 |
2.1 |
0.7 |
0.7 |
0.4 |
Belgium |
: |
: |
: |
: |
: |
: |
: |
: |
Bulgaria |
5.2 |
-4.9 |
-0.1 |
0.3 |
5.0 |
-0.3 |
-1.6 |
1.1 |
Czechia |
-0.6 |
0.2 |
-0.7 |
1.6 |
1.6 |
-0.3 |
-0.9 |
0.6 |
Denmark |
-0.9 |
1.3 |
0.0 |
0.1 |
-0.1 |
0.9 |
0.6 |
0.5 |
Germany |
1.1 |
0.7 |
-0.3 |
-0.9 |
0.9 |
0.8 |
-0.1 |
0.0 |
Estonia |
1.0 |
-0.2 |
2.3 |
-2.0 |
3.5 |
2.6 |
-0.1 |
0.3 |
Ireland |
3.3 |
-1.2 |
1.1 |
-0.3 |
5.8 |
3.1 |
4.1 |
2.3 |
Greece |
2.2 |
-1.1 |
-4.1 |
4.7 |
2.3 |
2.2 |
0.7 |
1.6 |
Spain |
0.5 |
1.6 |
0.0 |
0.7 |
2.3 |
0.8 |
1.9 |
2.9 |
France |
0.5 |
0.3 |
0.2 |
0.2 |
2.0 |
1.1 |
0.7 |
0.3 |
Croatia |
0.5 |
-0.8 |
1.4 |
0.2 |
2.5 |
1.2 |
1.9 |
1.8 |
Italy |
1.4 |
-0.4 |
0.5 |
0.8 |
4.5 |
1.3 |
1.8 |
1.7 |
Cyprus |
-0.3 |
-0.2 |
1.2 |
0.5 |
2.5 |
1.3 |
1.7 |
1.5 |
Latvia |
1.2 |
-2.9 |
-0.4 |
1.4 |
2.8 |
-2.0 |
-1.2 |
-0.7 |
Lithuania |
-1.1 |
2.2 |
1.1 |
-0.3 |
1.5 |
2.5 |
4.3 |
1.7 |
Luxembourg |
4.7 |
-3.5 |
0.1 |
1.3 |
5.3 |
1.3 |
0.8 |
2.4 |
Hungary |
-0.2 |
-0.5 |
0.2 |
-0.7 |
1.3 |
-1.4 |
-0.8 |
-3.0 |
Malta |
5.5 |
-0.4 |
-6.0 |
2.0 |
5.5 |
6.7 |
2.7 |
0.6 |
Netherlands |
0.0 |
0.0 |
0.1 |
-0.3 |
2.4 |
1.7 |
-0.1 |
-1.3 |
Austria |
0.1 |
0.0 |
0.1 |
-0.9 |
2.8 |
0.5 |
1.3 |
-1.0 |
Poland |
0.2 |
-1.2 |
-0.3 |
0.1 |
0.1 |
-1.2 |
0.0 |
-1.0 |
Portugal |
1.0 |
-0.7 |
0.3 |
-1.5 |
2.1 |
2.6 |
1.0 |
-0.9 |
Romania |
-0.7 |
-0.7 |
0.2 |
1.5 |
-1.3 |
-2.0 |
-0.7 |
0.5 |
Slovenia |
0.8 |
0.2 |
1.2 |
0.7 |
2.9 |
-2.6 |
2.8 |
3.3 |
Slovakia |
1.4 |
-0.8 |
-0.1 |
0.9 |
2.8 |
-0.7 |
0.1 |
1.1 |
Finland |
0.5 |
0.0 |
-1.3 |
-0.9 |
3.0 |
0.1 |
-2.4 |
-2.7 |
Sweden |
1.2 |
-0.8 |
-0.2 |
0.9 |
6.5 |
-0.1 |
-1.7 |
-0.1 |
Iceland |
0.6 |
0.7 |
1.0 |
-0.5 |
5.6 |
4.8 |
4.1 |
2.1 |
Norway |
0.4 |
0.1 |
0.2 |
0.3 |
3.3 |
-0.2 |
0.0 |
0.0 |
: 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 Q1 |
0.0 |
0.1 |
1.3 |
1.2 |
2023 Q2 |
0.1 |
0.1 |
0.6 |
0.6 |
|
2023 Q3 |
-0.1 |
0.0 |
0.1 |
0.1 |
|
2023 Q4 |
0.0 |
0.0 |
0.1 |
0.2 |
|
Household & NPISH final consumption expenditure |
2023 Q1 |
0.1 |
0.0 |
1.3 |
0.9 |
2023 Q2 |
0.1 |
0.2 |
0.6 |
0.4 |
|
2023 Q3 |
0.3 |
0.3 |
-0.3 |
-0.3 |
|
2023 Q4 |
0.1 |
0.2 |
0.6 |
0.6 |
|
Government final consumption expenditure |
2023 Q1 |
-0.4 |
0.1 |
0.0 |
0.1 |
2023 Q2 |
0.4 |
0.4 |
0.5 |
0.7 |
|
2023 Q3 |
0.6 |
0.6 |
1.2 |
1.4 |
|
2023 Q4 |
0.6 |
0.3 |
1.2 |
1.4 |
|
Gross Fixed Capital Formation |
2023 Q1 |
0.3 |
0.0 |
2.0 |
2.1 |
2023 Q2 |
0.2 |
0.4 |
1.7 |
1.8 |
|
2023 Q3 |
0.0 |
0.1 |
0.4 |
0.7 |
|
2023 Q4 |
1.0 |
0.8 |
1.4 |
1.2 |
|
Exports |
2023 Q1 |
-0.5 |
-0.3 |
2.6 |
3.0 |
2023 Q2 |
-1.1 |
-1.0 |
-0.5 |
-0.1 |
|
2023 Q3 |
-1.2 |
-1.1 |
-3.0 |
-2.7 |
|
2023 Q4 |
0.0 |
0.8 |
-2.8 |
-1.6 |
|
Imports |
2023 Q1 |
-1.6 |
-1.6 |
1.5 |
1.4 |
2023 Q2 |
-0.1 |
-0.2 |
-0.4 |
-0.7 |
|
2023 Q3 |
-1.4 |
-1.6 |
-4.1 |
-4.6 |
|
2023 Q4 |
0.6 |
1.2 |
-2.5 |
-2.2 |
|
|
|||||
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 Q1 |
0.1 |
0.0 |
0.7 |
0.5 |
2023 Q2 |
0.0 |
0.1 |
0.3 |
0.2 |
|
2023 Q3 |
0.2 |
0.2 |
-0.1 |
-0.1 |
|
2023 Q4 |
0.0 |
0.1 |
0.3 |
0.3 |
|
Government final consumption |
2023 Q1 |
-0.1 |
0.0 |
0.0 |
0.0 |
2023 Q2 |
0.1 |
0.1 |
0.1 |
0.1 |
|
2023 Q3 |
0.1 |
0.1 |
0.3 |
0.3 |
|
2023 Q4 |
0.1 |
0.1 |
0.3 |
0.3 |
|
Gross Fixed Capital Formation |
2023 Q1 |
0.1 |
0.0 |
0.4 |
0.5 |
2023 Q2 |
0.0 |
0.1 |
0.4 |
0.4 |
|
2023 Q3 |
0.0 |
0.0 |
0.1 |
0.2 |
|
2023 Q4 |
0.2 |
0.2 |
0.3 |
0.3 |
|
Changes in Inventories* |
2023 Q1 |
-0.6 |
-0.6 |
-0.5 |
-0.8 |
2023 Q2 |
0.6 |
0.3 |
-0.1 |
-0.5 |
|
2023 Q3 |
-0.4 |
-0.6 |
-0.6 |
-1.1 |
|
2023 Q4 |
-0.1 |
-0.1 |
-0.6 |
-1.0 |
|
Exports |
2023 Q1 |
-0.2 |
-0.1 |
1.4 |
1.6 |
2023 Q2 |
-0.6 |
-0.6 |
-0.3 |
0.0 |
|
2023 Q3 |
-0.7 |
-0.6 |
-1.6 |
-1.5 |
|
2023 Q4 |
0.0 |
0.4 |
-1.5 |
-0.9 |
|
Imports |
2023 Q1 |
0.8 |
0.9 |
-0.7 |
-0.7 |
2023 Q2 |
0.0 |
0.1 |
0.2 |
0.4 |
|
2023 Q3 |
0.8 |
0.9 |
2.2 |
2.4 |
|
2023 Q4 |
-0.3 |
-0.6 |
1.3 |
1.2 |
|
|
|||||
.
GDP and expenditure components in the fourth quarter of 2023 in millions of euro, seasonally adjusted, at current prices |
||
|---|---|---|
Euro area |
EU |
|
GDP |
3 650 361.8 |
4 313 506.1 |
Household & NPISH final consumption expenditure |
1 908 404.7 |
2 249 138.4 |
Government final consumption expenditure |
774 508.4 |
910 813.9 |
Gross Fixed Capital Formation |
807 979.6 |
959 724.3 |
Changes in Inventories* |
36 233.7 |
38 854.8 |
Domestic Demand |
3 527 126.4 |
4 158 531.4 |
Exports |
1 836 791.0 |
2 225 370.6 |
Imports |
1 713 555.5 |
2 070 395.9 |
* Changes in inventories include acquisitions less disposals of valuables. Source dataset: namq_10_gdp
|
||
Notes for users
Revisions and timetable
The reliability of GDP and employment flash estimates was tested by dedicated working groups and revisions are continuously monitored. Further information can be found on Eurostat website. The method used for compilation of European GDP and employment estimates is the same as for previous releases.
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 February 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 |
0.0 |
0.1 |
0.0 |
0.0 |
0.1 |
0.3 |
0.1 |
0.2 |
Employment |
0.3 |
0.3 |
0.3 |
0.2 |
1.3 |
1.2 |
1.2 |
1.0 |
*All estimates presented in this release may be revised with the t+110 database update scheduled for 19 April 2024.
|
||||||||
Release schedule of main aggregates
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).
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
Eurostat website section on national accounts, notably information on European GDP and employment estimates
Eurostat database section on national accounts and Eurostat metadata on quarterly national accounts
Eurostat Statistics Explained articles on measuring quarterly GDP and presentation of updated quarterly estimates
Country specific metadata on the recording of Ukrainian refugees
Get in touch
Media requests
Eurostat Media Support
Phone: (+352) 4301 33 408
Further information on data
Thierry COURTEL (GDP)
E-mail: estat-gdp-query@ec.europa.eu
Jenny RUNESSON (Employment)