Quarterly national accounts - GDP and employment

Data extracted on 16 April 2025.

Planned article update: 21 July 2025.

Highlights

GDP up by 0.2% and employment up by 0.1% in the euro area in the fourth quarter of 2024.

GDP up by 0.4% and employment up by 0.2% in the EU in the fourth quarter of 2024.

GDP and employment growth rates (%, change over the previous quarter, based on seasonally adjusted data, 2024Q4)
Source: Eurostat (namq_10_gdp) and (namq_10_a10_e)

This article presents key messages and data extractions based on Eurostat's updated estimation of quarterly gross domestic product (GDP) for the fourth quarter of 2024 in the European Union (EU) and euro area (EA-20) released on 16 April 2025. This completes a sequence of quarterly estimates of European main national accounts aggregates (including employment) that are based on available country data (see previous news releases).

Compared with the previous release on 7 March 2025, the growth rates for GDP and employment remained unchanged for the euro area and the EU.

Please note that particular developments in GDP that are observed for the euro area and the EU are often related to the activities of MNEs in the Irish economy.

Quarterly GDP growth

GDP up by 0.2% in the euro area and up by 0.4% the EU

According to an estimate (see Data sources below) published by Eurostat, seasonally adjusted GDP increased by 0.2% in the euro area and by 0.4% in the EU in the fourth quarter of 2024, compared with the previous quarter. In the third quarter of 2024, GDP had increased by 0.4% in both areas.

Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 1.2% in the euro area and by 1.4% in the EU in the fourth quarter of 2024, after an increase of 1.0% in the euro area and 1.1% in the EU in the previous quarter.

During the fourth quarter of 2024, GDP in the United States increased by 0.6% compared with the previous quarter (after +0.8% in the third quarter of 2024). Compared with the same quarter of the previous year, GDP increased by 2.5% (after +2.7% in the previous quarter).

Table 1:Growth rates of GDP in volume (%, change based on seasonally adjusted data)
Source: Eurostat (namq_10_gdp) and (naidq_10_gdp) for Japan and US data

GDP growth by EU country

Among the EU countries, the highest increases of GDP were recorded in Ireland (+3.6%), Denmark (+1.8%) and Portugal (+1.5%) in the fourth quarter of 2024, while the highest decreases were observed in Malta (-0.7%), Austria (-0.4%) and Germany (-0.2%).

Figure 1: GDP growth rates (%, change over the previous quarter, based on seasonally adjusted data, 2024Q4)
Source: Eurostat (namq_10_gdp)

GDP components and contributions to growth

During the fourth quarter of 2024, household final consumption expenditure increased by 0.4% in the euro area and by 0.6% in the EU (after +0.6% in the euro area and +0.5% in the EU the previous quarter). Government final consumption expenditure increased by 0.5% in both zones (after +0.9% in both areas in the previous quarter). Gross fixed capital formation increased by 0.7% in the euro area and by 0.5% in the EU (after +1.8% in the euro area and +1.5% in the EU in the previous quarter). Exports remained stable in the euro area and increased by 0.2% in the EU (after -1.3% in the euro area and -1.0% in the EU in the previous quarter). Imports increased by 0.1% in both areas (after +0.5% in the euro area and +0.6% in the EU in the previous quarter).

Household final consumption expenditure had a positive contribution to GDP growth in the euro area (+0.2 percentage points (pp)) and in the EU (+0.3 pp). The contribution from government final expenditure was positive in both zones (+0.1 pp). The contribution from gross fixed capital formation was positive for both the euro area and the EU (+0.1 pp). Changes in inventories had negative contributions to GDP growth in both zones (-0.2 pp). The contribution of exports less imports was negligible for both the euro area and for the EU.

Figure 2: Decomposition of GDP growth by expenditure aggregates (contributions to growth (over the previous quarter) in percentage points, 2024Q1 - 2024Q4)
Source: Eurostat (namq_10_gdp)

Quarterly employment growth

Number of employed persons up by 0.1% in the euro area and up by 0.2% in the EU

The number of persons employed increased by 0.1% in the euro area and by 0.2% the EU in the fourth quarter of 2024 compared with the previous quarter. In the third quarter of 2024, employment had increased by 0.2% in the euro area and had remained stable in the EU. Hours worked increased by 0.6% in the euro area and by 0.5% the EU in the fourth quarter of 2024 (after +0.1% in the euro area and -0.1% the EU in the third quarter of 2024).

Compared with the same quarter of the previous year, employment based on persons increased by 0.8% in the euro area and by 0.5% the EU in the fourth quarter of 2024 (after +1.0% in the euro area and +0.8% the EU in the third quarter of 2024). Number of hours worked increased by 1.6% in the euro area and by 1.0% in the EU in the fourth quarter of 2024, compared with the same quarter of the previous year (after +0.9% in the euro area and +0.6% in the EU in the third quarter of 2024).

These data on employment provide a picture of labour input consistent with the output and income measure of national accounts.

Table 2: rowth rates of employment in persons (¹) (%)
Source: Eurostat (namq_10_a10_e)

Table 3: Growth rates of employment in hours worked (¹) (%)
Source: Eurostat (namq_10_a10_e)

Figure 3: Growth of employment in persons and hours worked (% change over the previous quarter, based on seasonally adjusted data, 2008Q1 - 2024Q4)
Source: Eurostat (namq_10_a10_e)

Employment growth by EU country

Among EU countries, the highest increases in employment in persons were observed in Romania (+2.0%), Spain (+0.9%), Greece and Portugal (both +0.5%). Croatia and Finland (both -0.4%), Latvia and Sweden (both -0.2%) recorded the highest declines in the fourth quarter of 2024 compared with the previous quarter.

Austria (+3.0%), Lithuania (+2.0%), Latvia, Portugal and Romania (all +1.9%) exhibited the highest increases in employment measured in hours worked. Malta (-1.0%), Poland (-0.5%) and Estonia (-0.4%) showed the highest decreases in the fourth quarter of 2024 compared with the previous quarter.

Figure 4: Employment growth rates (% change over the previous quarter, based on seasonally adjusted data, 2024Q4)
Source: Eurostat (namq_10_a10_e)

Employment levels

Employment in persons increased by 0.2 million in the euro area and by 0.4 million in the EU

Based on seasonally adjusted figures, Eurostat estimates that in the fourth quarter of 2024, 219.7 million people were employed in the EU, of whom 171.3 million were in the euro area.

Figure 5: Evolution of employment in persons and hours worked (index 2015=100, based on seasonally adjusted data, 2008Q1 - 2024Q4)
Source: Eurostat (namq_10_a10_e)

Labour productivity

The combination of GDP and employment data allows an estimation of labour productivity.

In the fourth quarter of 2024, productivity based on persons increased by 0.4% in the euro area and by 0.8% in the EU compared with the same quarter of the previous year.

Compared with the same quarter of the previous year, productivity based on hours worked increased by 0.1% in the euro area and by 0.8% in the EU.

Figure 6: Labour productivity growth rates, (%, change over same quarter of the previous year, based on seasonally adjusted data, 2008Q1 - 2024Q4)
Source: Eurostat (namq_10_lp_ulc)

Source data for tables and graphs

Quarterly national accounts - GDP and employment 2024Q4

Data sources

Eurostat collects GDP and employment data in the framework of ESA 2010. Additional information on the dissemination of ESA 2010 data is available under publications on the dedicated website and in the database section National Accounts (ESA 2010).

European aggregates are published at specific release dates. The preliminary flash estimate of GDP growth of the first quarter of 2025 will be released on 30 April 2025 and will be updated on 15 May 2025. The next regular estimates of European aggregates are due on 6 June 2025 (for both GDP and employment estimates). Revision triangles for GDP for the euro area and the EU can be found here. These revision triangles are updated once per quarter.

For further details see the Eurostat website.

Context

Quarterly figures on the evolution of gross domestic product (GDP) and its main aggregates are among the most significant indicators of the state of any economy, be it at a national or European level and are of key interest to users. Typical users of quarterly national accounts (QNA) figures are market analysts, forecasters or economic and monetary policy advisors interested in assessing the state of the current business cycle.

The ESA 2010 distinguishes between 2 employment concepts depending on geographical coverage: resident persons in employment (i.e. the national scope of employment) and employment in resident production units irrespective of the place of residence of the employed person (i.e. domestic scope). The ESA 2010 recognises several employment measures: persons, hours worked and jobs. Eurostat publishes mainly employment data measured in persons and in hours worked.

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Methodology

ESMS metadata files

Quarterly national accounts (namq_10_esms)
Gross domestic product (GDP) and main components (output, expenditure and income) (namq_10_gdp_esms)
Population and employment - national accounts (nama_10_pe_esms)

Other methodological information

National accounts, see Methodology:
- Main aggregates
- Employment

External links

Legislation

National accounts - legislation