Quarterly national accounts - GDP and employment

Data extracted on 21 July 2025.

Planned article update: 20 October 2025.

Highlights

GDP up by 0.6% and employment up by 0.2% in the euro area in the first quarter of 2025.

GDP up by 0.5% and employment stable in the EU in first quarter of 2025.

GDP and employment growth rates
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 first quarter of 2025 in the European Union (EU) and euro area (EA-20) released on 21 July 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 6 June 2025, the growth rate of GDP remained unchanged for the euro area and was revised down to 0.5% for the EU, while the growth rate of employment remained unchanged for both 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 0.6% in the euro area and up by 0.5% the EU

According to an estimate (see Data sources below) published by Eurostat, seasonally adjusted GDP increased by 0.6% in the euro area and by 0.5% in the EU in the first quarter of 2025, compared with the previous quarter. In the last quarter of 2024, GDP had increased by 0.3% in the euro area and by 0.4% in the EU.

Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 1.5% in the euro area and by 1.6% in the EU in the first quarter of 2025, after an increase of 1.3% in the euro area and 1.5% in the EU in the previous quarter.

During the first quarter of 2025, GDP in the United States decreased by 0.1% compared with the previous quarter (after + 0.6% in the fourth quarter of 2024). Compared with the same quarter in the previous year, GDP grew by 2.0% (after +2.5% in the previous quarter).

Table 1: Growth rates of GDP in volume
Source: Eurostat (namq_10_gdp) and (naidq_10_gdp) for Japan and US data

GDP growth by EU country

Within the EU, the highest increases of GDP were recorded in Ireland (+7.4%), Malta (+2.1%), and Cyprus (+1.3%) in the first quarter of 2025, while the highest decreases were observed in Denmark (-1.3%), Luxembourg (-1.0%) and Slovenia (-0.8%).

Figure 1: GDP growth rates
Source: Eurostat (namq_10_gdp)

GDP components and contributions to growth

GDP components evolved in the first quarter of 2025 as follows

household final consumption expenditure increased by 0.3% both in the euro area and in the EU (after +0.4% in the euro area and +0.5% in the EU in the previous quarter)
government final consumption expenditure decreased by 0.1% in the euro area and by 0.2% in the EU (after +0.5% in both zones in the previous quarter),
gross fixed capital formation increased by 2.7% in the euro area and by 2.4% in the EU (after +0.5% in both areas)
exports increased by 2.2% in the euro area and by 1.9% in the EU (after -0.1% in both the euro area and the EU), and
imports increased by 2.0% in the euro area and by 1.7% in the EU (after -0.3% and -0.2% respectively)

The contribution to GDP growth from

household final consumption expenditure was positive for both the euro area and the EU (+0.1 percentage points (pp) and + 0.2 pp respectively)
government final expenditure was negligible for the euro area and negative in the EU (-0.1 pp)
gross fixed capital formation was positive for both the euro area and the EU (+0.6 pp and +0.5 pp respectively)
changes in inventories was negative for both the euro area and the EU (-0.3 pp for both), and
exports less imports was positive for both the euro area and the EU (+0.2 pp for both)

Figure 2: Decomposition of GDP growth by expenditure aggregates
Source: Eurostat (namq_10_gdp)

Quarterly employment growth

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

The number of persons employed increased by 0.2% in the euro area and remained stable in the EU in the first quarter of 2025 compared with the previous quarter. In the fourth quarter of 2024, employment had increased by 0.1% in the euro area and by 0.2% in the EU. Hours worked decreased by 0.2% in the euro area and by 0.3% in the EU in the first quarter of 2025 (after +0.5% in the euro area and +0.4% in the EU in the fourth quarter of 2024).

Compared with the same quarter of the previous year, employment based on persons increased by 0.7% in the euro area and by 0.4% in the EU in the first quarter of 2025 (after +0.7% in the euro area and +0.6% in the EU in the fourth quarter of 2024).

The number of hours worked increased by 0.1% in the euro area and fell by 0.2% in the EU in the first quarter of 2025, compared with the same quarter of the previous year (after +1.6% in the euro area and +1.0% in the EU in the fourth 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: Growth 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
Source: Eurostat (namq_10_a10_e)

Employment growth by EU country

Among EU countries, the highest increases in employment in persons were observed in Croatia (+1.0%), Spain (+0.8%), Ireland, Greece and Italy (+0.7% for all). Romania (-2.1%), Estonia (-0.8%) Lithuania and Poland (-0.6% for both) recorded the strongest declines in the first quarter of 2025 compared with the previous quarter.

Croatia (+1.1%) and Italy (+1.0%) display the highest increases in employment measured in hours worked. Latvia (-5.7%), Malta (-2.0%), and Romania (-1.9%) showed the steepest decreases in employment measured in hours in the first quarter of 2025 compared to the previous quarter.

Figure 4: Employment growth rates
Source: Eurostat (namq_10_a10_e)

Employment levels

Employment in persons increased by 0.3 million in the euro area and by 0.1 million in the EU

Based on seasonally adjusted figures, Eurostat estimates that in the first quarter of 2025, 219.7 million people were employed in the EU, of whom 171.5 million were in the euro area.

Figure 5: Evolution of employment in persons and hours worked
Source: Eurostat (namq_10_a10_e)

Labour productivity

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

In the first quarter of 2025, productivity based on persons increased by 0.8% in the euro area and by 1.2% 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 1.1% in the euro area and by 1.6% in the EU.

Figure 6: Labour productivity growth rates
Source: Eurostat (namq_10_lp_ulc)

Source data for tables and graphs

Quarterly national accounts - GDP and employment 2025Q1

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 second quarter of 2025 will be released on 30 July 2025 and will be updated on 14 August 2025. The next regular estimates of European aggregates are due on 5 September 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.

<other-article>

Explore further

Database

Quarterly national accounts (namq_10)

Thematic section

National accounts (including GDP)

ESA 2010 — Overview

Publications

Selected datasets

Quarterly national accounts (namq_10)

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