Statistics Explained

Quarterly national accounts - GDP and employment

This is the stable Version.

Data extracted on 19 July 2024.

Planned article update: 18 October 2024.

Highlights

GDP up by 0.3% and employment up by 0.3% in the euro area in the first quarter of 2024.

GDP up by 0.3% and employment up by 0.3% in the EU in the first quarter of 2024.

Vertical bar chart showing percentage change over the previous quarter based on seasonally adjusted data of GDP and employment growth rates in the euro area, EU, and individual EU Member States. Each country has two columns representing GDP and employment for Q4 2023.
GDP and employment growth rates (%, change over the previous quarter, based on seasonally adjusted data, 2024Q1)
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 2024 in the European Union (EU) and euro area (EA-20) released on 19 July 2024. 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 June 2024, the growth rates for GDP and employment remain unchanged for both the euro area and the EU. Please note that the Greek data have a series break in 2010 resulting from the 2020 benchmark revision implemented from 2010 onwards. The Greek data incorporated in the aggregates have been adjusted to preserve the growth rates of the time series for periods before 2010. Moreover, particular developments of GFCF that are observed in the aggregates are often related to the activities of MNEs in the Irish economy.


Full article

Quarterly GDP growth

GDP up by 0.3% in the euro area and the EU

According to an estimate (see Data sources below) published by Eurostat, seasonally adjusted GDP increased by 0.3% in both the euro area and the EU in the first quarter of 2024, compared with the previous quarter. In the fourth quarter of 2023, GDP remained stable both in the euro area and in the EU.

Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 0.5% in the euro area and by 0.6% in the EU in the first quarter of 2024, after an increase of 0.2% in the euro area and 0.4% in the EU the previous quarter.

During the first quarter of 2024, GDP in the United States increased by 0.4% compared with the previous quarter (after +0.8% in the fourth quarter of 2023). Compared with the same quarter of the previous year, GDP increased by 2.9% (after +3.1% in the previous quarter).


Table showing percentage change growth rates of GDP in volume based on seasonally adjusted data in the euro area, EU, individual EU Member States, Iceland, Norway, Switzerland, Japan and United States from Q1 2023 to Q4 2023.
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 Member State

Among the EU Member States, the highest increases of GDP were recorded in Malta (+1.3%), Cyprus (+1.2%) and Croatia (+1.0%) in the first quarter of 2024, while decreases were observed in Denmark (-1.4%), Estonia and the Netherlands (both -0.5%).


Vertical bar chart showing percentage change over the previous quarter based on seasonally adjusted data of GDP growth rates in the euro area, EU and individual EU Member States for Q4 2023.
Figure 1: GDP growth rates (%, change over the previous quarter, based on seasonally adjusted data, 2024Q1)
Source: Eurostat (namq_10_gdp)

GDP components and contributions to growth

During the first quarter of 2024, household final consumption expenditure increased by 0.2% in the euro area and by 0.3% in the EU (after +0.2% in both zones in the previous quarter). Government final consumption expenditure decreased by 0.1% in the euro area and remained stable in the EU (after +0.6% and +0.5% respectively, in the previous quarter). Gross fixed capital formation decreased by 1.4% in the euro area and by 1.3% in the EU (after +0.7% in the euro area and +0.5% in the EU in the previous quarter). Exports increased by 1.3% in the euro area and by 0.9% in the EU (after +0.4% in the euro area and +0.5% in the EU in the previous quarter). Imports decreased by 0.3% in the euro area and by 0.2% in the EU (after +0.6% in the euro area and +0.5% in the EU in the previous quarter).

Household final consumption expenditure had a positive contribution to GDP growth for both the euro area and the EU (+0.1 percentage points (pp)). The contribution from government final expenditure was negligible in both zones (+0.0 pp). The contribution from gross fixed capital formation was negative for both the euro area and the EU (-0.3 pp). Changes in inventories had negative contributions to GDP growth both in the euro area (-0.3 pp) and in the EU (-0.1 pp). The contribution of exports less imports was positive both for the euro area and for the EU (+0.8 pp and +0.6 pp respectively).

Two separate stacked vertical bar charts showing percentage points contributions to growth over the previous quarter of decomposition of GDP growth by expenditure aggregates. One chart represents the euro area and the other, the EU. Four columns in each chart represent the quarters Q1 2023 to Q4 2023. Each column contains five stacks representing different expenditure aggregates. A line across all columns represents the GDP growth rate.
Figure 2: Decomposition of GDP growth by expenditure aggregates (contributions to growth (over the previous quarter) in percentage points, 2023Q2 - 2024Q1)
Source: Eurostat Eurostat (namq_10_gdp)

Quarterly employment growth

Number of employed persons up by 0.3% both in the euro area and the EU

The number of persons employed increased by 0.3% in both the euro area and the EU in the first quarter of 2024 compared with the previous quarter. In the fourth quarter of 2023, employment had increased by 0.3% in the euro area by 0.2% and the EU. Hours worked increased by 0.3% in both the euro area and the EU in the first quarter of 2024 (after +0.1% in the euro area and +0.2% in the EU, in the fourth quarter of 2023).

Compared with the same quarter of the previous year, employment based on persons increased by 1.0% in the euro area and by 0.9% in the EU in the first quarter of 2024 (after +1.2% in the euro area and +1.0% in the EU in the fourth quarter of 2023). Number of hours worked increased by 0.2% in the euro area and remained stable in the EU in the first quarter of 2024, compared with the same quarter of the previous year (after +0.8% and +0.5% respectively in the fourth quarter of 2023).

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


Table showing percentage growth rates of employment in persons in the euro area, EU, individual EU Member States, Iceland, Norway and Switzerland from Q1 2023 to Q4 2023.
Table 2: Growth rates of employment in persons (%)
Source: Eurostat (namq_10_a10_e)


Table showing percentage growth rates of employment in hours worked in the euro area, EU, individual EU Member States, Iceland and Norway from Q1 2023 to Q4 2023.
Table 3: Growth rates of employment in hours worked (%)
­Source: Eurostat (namq_10_a10_e)


Line chart showing percentage change over the previous quarter based on seasonally adjusted data of growth of employment. Four lines represent persons in the euro area, persons in the EU, hours worked in the euro area and hours worked in the EU over the period Q1 2008 to Q4 2023.
Figure 3: Growth of employment in persons and hours worked (% change over the previous quarter, based on seasonally adjusted data, 2008Q1 - 2024Q1)
Source: Eurostat (namq_10_a10_e)


Employment growth by Member State

Among EU Member States, the highest increases in employment in persons were observed in Romania (+2.4%), Malta (+1.4%) and Portugal (+1.1%). Poland (-0.6%), Slovakia (-0.3%) and Czechia (-0.2%) recorded the highest declines in the first quarter of 2024 compared with the previous quarter.

Luxembourg (+4.4%), Malta (+3.5%) and Romania (+2.5%) exhibited the highest increases in employment measured in hours worked. Czechia (-1.5%), Estonia (-1.0%), Austria and Slovakia (both -0.6%) showed the highest decreases in the first quarter of 2024 compared with the previous quarter.

Vertical bar chart showing percentage change over the previous quarter based on seasonally adjusted data of employment growth rates in the euro area, EU and individual EU Member States. Each country has two columns representing persons and hours worked for Q4 2023.
Figure 4: Employment growth rates (% change over the previous quarter, based on seasonally adjusted data, 2024Q1)
Source: Eurostat (namq_10_a10_e)

Employment levels

Employment in persons increased by 0.5 million in the euro area and by 0.6 million in the EU

Based on seasonally adjusted figures, Eurostat estimates that in the first quarter of 2024, 217.9 million people were employed in the EU, of whom 169.8 million were in the euro area.

Line chart showing indexed evolution of employment based on seasonally adjusted data. Four lines represent persons in the euro area, persons in the EU, hours worked in the euro area and hours worked in the EU over the period Q1 2008 to Q4 2023. The year 2015 is indexed at 100.
Figure 5: Evolution of employment in persons and hours worked (index 2015=100, based on seasonally adjusted data, 2008Q1 - 2024Q1)
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 2024, productivity based on persons decreased by 0.5% in the euro area and by 0.3% 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 decreased by 0.2% in the euro area and increased by 0.2% in the EU.


Line chart showing percentage change over same quarter of the previous year based on seasonally adjusted data of labour productivity growth rates. Four lines represent persons in the euro area, persons in the EU, hours worked in the euro area and hours worked in the EU over the period Q1 2008 to Q4 2023.
Figure 6: Labour productivity growth rates, (%, change over same quarter of the previous year, based on seasonally adjusted data, 2008Q1 - 2024Q1)
Source: Eurostat (namq_10_lp_ulc)


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 2024 will be released on 30 July 2024 and will be updated on 14 August 2024. The next regular estimates of European aggregates are due on 6 September 2024 (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.

Following recommendations for a harmonised European revision policy for national accounts and balance of payments, EU countries will carry 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.

The European estimates published today include benchmark revisions from Czechia, Denmark, Ireland, France, the Netherlands and Sweden.

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.

Direct access to

Other articles
Tables
Database
Dedicated section
Publications
Methodology
Visualisations