GDP up by 0.2% and employment up by 0.1% in the euro area
GDP growth in the euro area and the EU
In the fourth quarter of 2024, seasonally adjusted GDP increased by 0.2% in the euro area and by 0.4% 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 2024, GDP had grown by 0.4% in both areas.
For the year 2024 as a whole, GDP increased by 0.9% in the euro area and by 1.0 in the EU, after +0.4% in both zones in 2023.
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 +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 to 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).
GDP growth by Member State
Ireland (+3.6%) recorded the highest increase of GDP compared to the previous quarter, followed by Denmark (+1.6%) and Portugal (+1.5%). The highest decreases were observed in Malta (-0.7%), Austria (-0.4%), Germany and Finland (both -0.2%).
GDP components and contributions to growth
GDP components evolved in the fourth quarter of 2024 as follows:
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 in the previous quarter),
government final consumption expenditure increased by 0.4% in the euro area and by 0.3% the EU (after +0.9% in both areas in the previous quarter),
gross fixed capital formation increased by 0.6% in the euro area and by 0.5% the EU (after +1.8% and +1.5% respectively),
exports decreased by 0.1% in the euro area and increased by 0.1% in the EU (after -1.4% and -1.1% respectively), and
imports decreased by 0.1% in both areas (after +0.5% in both areas).
The contribution to GDP growth from:
household final consumption expenditure was positive for both the euro area (+0.2 percentage points – pp) and the EU (+0.3 pp),
government final expenditure was positive for both the euro area and the EU (+0.1 pp for both),
gross fixed capital formation was positive for both the euro area and the EU (+0.1 pp for both),
changes in inventories was negative for both the euro area and the EU (-0.2 pp for both), and
exports less imports was negligible for both the euro area and the EU.
Employment growth in the euro area and EU
The number of employed persons increased by 0.1% in the euro area and by 0.2% in 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.
For the year 2024 as a whole, the number of persons employed increased by 1.0% in the euro area and by 0.8% in the EU, after +1.4% and +1.2% respectively in 2023.
Compared with the same quarter of the previous year, employment increased by 0.7% in the euro area and by 0.5% in the EU in the fourth quarter of 2024, after +1.0% in the euro area and +0.8% in the EU in the third quarter of 2024.
Hours worked increased by 0.6% in the euro area and by 0.5% in the EU in the fourth quarter of 2024, compared with the previous quarter. Compared with the same quarter of the previous year, the hours worked increased by 1.6% in the euro area and by 1.0% in the EU.
For the year 2024 as a whole, the number of hours worked increased by 1.0% in the euro area and by 0.7% in the EU, after +1.3% and +1.0% respectively in 2023.
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 2024, Romania (+2.0%), Spain (+0.9%), Greece and Portugal (both +0.5%) recorded the highest growth of employment in persons compared with the previous quarter. The highest decrease of employment was recorded in Croatia, Finland (both -0.4%), Latvia and Sweden (both -0.2%).
Employment levels in the euro area and 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 which 171.2 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 fourth quarter of 2024, productivity based on persons increased by 0.4% 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 increased by 0.1% in the euro area and by 0.8% in the EU.
Tables
Growth rates of GDP in volume (based on seasonally adjusted* data) |
||||||||
|---|---|---|---|---|---|---|---|---|
Percentage change compared with the previous quarter |
Percentage change compared with the same quarter of the previous year |
|||||||
2024Q1 |
2024Q2 |
2024Q3 |
2024Q4 |
2024Q1 |
2024Q2 |
2024Q3 |
2024Q4 |
|
Euro area |
0.3 |
0.2 |
0.4 |
0.2 |
0.5 |
0.5 |
1.0 |
1.2 |
EU |
0.3 |
0.3 |
0.4 |
0.4 |
0.6 |
0.8 |
1.1 |
1.4 |
Belgium |
0.3 |
0.3 |
0.3 |
0.2 |
0.8 |
0.9 |
1.2 |
1.1 |
Bulgaria |
0.8 |
0.8 |
0.8 |
0.9 |
2.0 |
2.4 |
2.8 |
3.4 |
Czechia |
0.3 |
0.3 |
0.6 |
0.7 |
0.3 |
0.5 |
1.4 |
1.8 |
Denmark |
-0.2 |
1.4 |
1.3 |
1.6 |
2.4 |
4.0 |
3.8 |
4.1 |
Germany |
0.2 |
-0.3 |
0.1 |
-0.2 |
-0.1 |
-0.2 |
-0.3 |
-0.2 |
Estonia |
0.0 |
0.2 |
0.2 |
0.7 |
-1.0 |
-0.7 |
-0.2 |
1.1 |
Ireland |
1.6 |
-0.4 |
4.1 |
3.6 |
-3.8 |
-3.1 |
3.0 |
9.2 |
Greece |
0.1 |
1.2 |
0.4 |
0.9 |
2.1 |
2.1 |
2.3 |
2.6 |
Spain |
1.0 |
0.8 |
0.8 |
0.8 |
2.7 |
3.3 |
3.5 |
3.5 |
France |
0.1 |
0.3 |
0.4 |
-0.1 |
1.4 |
1.0 |
1.2 |
0.6 |
Croatia |
0.6 |
1.2 |
0.4 |
1.4 |
4.3 |
3.2 |
4.2 |
3.6 |
Italy |
0.3 |
0.1 |
0.0 |
0.1 |
0.3 |
0.6 |
0.6 |
0.6 |
Cyprus |
1.7 |
0.0 |
0.9 |
0.3 |
3.8 |
3.4 |
3.6 |
2.9 |
Latvia |
-0.2 |
0.0 |
-0.2 |
0.0 |
-0.3 |
0.0 |
-0.9 |
-0.4 |
Lithuania |
1.3 |
0.4 |
1.1 |
0.8 |
2.8 |
1.6 |
2.6 |
3.7 |
Luxembourg |
0.3 |
0.6 |
0.2 |
: |
-0.7 |
-0.1 |
1.2 |
: |
Hungary |
0.5 |
-0.2 |
-0.6 |
0.5 |
1.6 |
1.2 |
-0.7 |
0.1 |
Malta |
1.3 |
2.8 |
-0.6 |
-0.7 |
8.4 |
8.0 |
5.0 |
2.8 |
Netherlands** |
-0.3 |
1.1 |
0.8 |
0.4 |
-0.6 |
0.8 |
1.7 |
1.8 |
Austria |
-0.1 |
-0.4 |
-0.3 |
-0.4 |
-1.8 |
-1.8 |
-1.3 |
-1.2 |
Poland |
0.8 |
1.4 |
0.1 |
1.3 |
1.7 |
3.8 |
2.0 |
3.7 |
Portugal |
0.6 |
0.4 |
0.2 |
1.5 |
1.4 |
1.5 |
1.9 |
2.8 |
Romania |
-0.3 |
0.1 |
0.1 |
0.8 |
2.0 |
0.8 |
-0.1 |
0.7 |
Slovenia |
0.0 |
0.1 |
0.4 |
0.6 |
2.0 |
0.9 |
1.3 |
1.1 |
Slovakia |
0.7 |
0.3 |
0.3 |
0.5 |
2.7 |
2.0 |
1.7 |
1.7 |
Finland** |
0.4 |
0.2 |
0.5 |
-0.2 |
-1.6 |
-1.2 |
0.9 |
1.2 |
Sweden** |
0.7 |
0.2 |
0.6 |
0.8 |
0.1 |
0.4 |
0.9 |
2.4 |
Iceland*** |
1.7 |
1.7 |
-2.8 |
1.5 |
0.8 |
-0.1 |
-0.5 |
2.1 |
Norway |
0.3 |
1.8 |
-1.6 |
-0.6 |
1.3 |
4.1 |
3.2 |
-0.2 |
Switzerland |
0.4 |
0.5 |
0.4 |
0.2 |
0.6 |
1.3 |
1.6 |
1.6 |
United States |
0.4 |
0.7 |
0.8 |
0.6 |
2.9 |
3.0 |
2.7 |
2.5 |
: Data not available * 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 which 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. Source datasets: namq_10_gdp and naidq_10_gdp (for United States data)
|
||||||||
Growth rates of employment in persons* |
||||||||
|---|---|---|---|---|---|---|---|---|
Percentage change compared with the previous quarter |
Percentage change compared with the same quarter of the previous year |
|||||||
2024Q1 |
2024Q2 |
2024Q3 |
2024Q4 |
2024Q1 |
2024Q2 |
2024Q3 |
2024Q4 |
|
Euro area |
0.3 |
0.1 |
0.2 |
0.1 |
1.1 |
0.9 |
1.0 |
0.7 |
EU |
0.3 |
0.1 |
0.0 |
0.2 |
1.0 |
0.9 |
0.8 |
0.5 |
Belgium |
0.1 |
0.0 |
0.0 |
0.1 |
0.4 |
0.2 |
0.2 |
0.2 |
Bulgaria |
0.2 |
0.4 |
0.1 |
0.3 |
0.7 |
1.7 |
0.9 |
1.0 |
Czechia |
-0.2 |
0.5 |
0.0 |
-0.1 |
0.3 |
0.2 |
0.4 |
0.3 |
Denmark |
0.4 |
0.1 |
0.1 |
0.4 |
0.9 |
0.9 |
0.7 |
0.9 |
Germany |
0.1 |
0.0 |
-0.1 |
0.0 |
0.4 |
0.2 |
0.1 |
0.0 |
Estonia |
0.6 |
0.7 |
-1.2 |
0.1 |
-1.3 |
1.2 |
0.7 |
0.2 |
Ireland |
0.1 |
1.4 |
0.8 |
0.3 |
1.9 |
2.7 |
3.6 |
2.5 |
Greece |
0.9 |
0.0 |
0.1 |
0.5 |
1.5 |
1.0 |
1.1 |
1.4 |
Spain |
0.4 |
0.0 |
0.7 |
0.9 |
2.9 |
1.8 |
1.9 |
2.3 |
France |
0.2 |
0.1 |
0.1 |
0.0 |
0.7 |
0.6 |
0.5 |
0.4 |
Croatia |
2.5 |
1.2 |
1.0 |
-0.4 |
6.7 |
6.5 |
6.9 |
4.2 |
Italy |
0.4 |
0.1 |
0.6 |
-0.1 |
1.5 |
1.7 |
2.3 |
1.0 |
Cyprus |
0.8 |
0.4 |
0.5 |
0.3 |
2.2 |
2.1 |
2.2 |
1.7 |
Latvia |
-0.1 |
-0.1 |
-0.6 |
-0.2 |
-0.8 |
-0.7 |
-1.2 |
-1.0 |
Lithuania |
-0.4 |
1.4 |
0.6 |
0.4 |
2.6 |
1.9 |
0.8 |
1.7 |
Luxembourg** |
0.3 |
0.2 |
0.3 |
0.4 |
1.3 |
1.1 |
1.1 |
1.1 |
Hungary |
0.2 |
0.0 |
0.0 |
0.2 |
0.4 |
0.3 |
0.1 |
0.3 |
Malta |
1.2 |
0.7 |
1.4 |
0.4 |
5.8 |
5.7 |
5.3 |
3.8 |
Netherlands |
0.3 |
0.1 |
0.1 |
0.3 |
1.2 |
1.1 |
0.9 |
0.7 |
Austria |
-0.1 |
0.0 |
0.1 |
0.0 |
0.2 |
0.0 |
0.0 |
0.0 |
Poland |
-0.5 |
-0.2 |
0.0 |
0.2 |
-1.2 |
-0.6 |
-0.3 |
-0.8 |
Portugal |
0.5 |
0.2 |
0.5 |
0.5 |
1.6 |
1.4 |
1.7 |
1.7 |
Romania |
2.1 |
-0.7 |
-3.1 |
2.0 |
4.0 |
3.7 |
-0.2 |
0.0 |
Slovenia |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
0.6 |
0.3 |
0.0 |
-0.3 |
Slovakia |
-0.2 |
0.0 |
0.0 |
0.0 |
-0.1 |
-0.3 |
-0.1 |
-0.2 |
Finland |
0.1 |
-0.3 |
0.2 |
-0.4 |
-0.1 |
-1.3 |
-0.1 |
-0.8 |
Sweden |
-0.1 |
-0.1 |
-0.1 |
-0.2 |
0.0 |
-0.2 |
-0.4 |
-0.6 |
Iceland |
0.6 |
0.4 |
: |
: |
2.7 |
2.3 |
: |
: |
Norway |
0.3 |
0.0 |
0.1 |
0.2 |
0.7 |
0.5 |
0.5 |
0.6 |
Switzerland |
0.2 |
0.1 |
0.0 |
0.3 |
1.1 |
0.5 |
0.7 |
0.6 |
: 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. ** Data based on T+45 flash estimate 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 with the previous quarter |
Percentage change compared with the same quarter of the previous year |
|||||||
2024Q1 |
2024Q2 |
2024Q3 |
2024Q4 |
2024Q1 |
2024Q2 |
2024Q3 |
2024Q4 |
|
Euro area |
0.2 |
0.1 |
0.1 |
0.6 |
0.2 |
1.4 |
0.9 |
1.6 |
EU |
0.2 |
0.0 |
-0.1 |
0.5 |
-0.1 |
1.2 |
0.6 |
1.0 |
Belgium |
0.0 |
0.0 |
0.0 |
: |
0.4 |
0.4 |
-0.1 |
: |
Bulgaria |
-0.4 |
-0.2 |
-0.4 |
-0.2 |
-2.3 |
-0.4 |
-0.7 |
-0.7 |
Czechia |
-1.4 |
0.4 |
1.4 |
0.0 |
-3.0 |
-0.3 |
3.3 |
0.8 |
Denmark |
0.8 |
-0.7 |
0.1 |
0.4 |
1.5 |
0.5 |
0.1 |
0.6 |
Germany |
-0.2 |
0.2 |
0.3 |
0.6 |
-1.2 |
-0.2 |
0.3 |
0.7 |
Estonia |
0.7 |
1.5 |
-1.7 |
-0.4 |
-3.0 |
3.1 |
2.3 |
0.0 |
Ireland |
1.3 |
0.4 |
1.8 |
0.2 |
-0.1 |
2.2 |
2.6 |
3.7 |
Greece |
1.3 |
-0.8 |
-1.0 |
1.5 |
1.5 |
1.6 |
2.0 |
0.9 |
Spain |
-0.4 |
1.0 |
0.4 |
1.8 |
-0.1 |
3.4 |
0.8 |
3.5 |
France |
0.1 |
0.1 |
0.1 |
-0.2 |
1.1 |
1.0 |
0.8 |
0.8 |
Croatia |
1.2 |
1.9 |
-0.1 |
0.3 |
5.2 |
7.9 |
4.4 |
3.0 |
Italy |
0.7 |
-0.5 |
0.2 |
0.2 |
2.2 |
2.5 |
2.0 |
1.6 |
Cyprus |
0.4 |
-0.1 |
1.5 |
0.7 |
2.6 |
2.3 |
2.6 |
2.1 |
Latvia |
-0.5 |
-0.3 |
-1.6 |
1.9 |
-0.3 |
0.5 |
-0.5 |
-0.6 |
Lithuania |
1.2 |
0.8 |
0.6 |
2.0 |
3.4 |
1.5 |
2.2 |
4.7 |
Luxembourg |
2.1 |
-1.2 |
0.8 |
: |
-0.8 |
1.8 |
1.7 |
: |
Hungary |
0.8 |
0.2 |
-0.4 |
0.5 |
-1.9 |
1.6 |
-0.2 |
1.9 |
Malta |
-0.2 |
2.6 |
4.1 |
-1.0 |
-1.3 |
1.5 |
8.5 |
5.6 |
Netherlands |
0.2 |
0.4 |
0.0 |
0.0 |
-0.1 |
2.1 |
1.2 |
1.5 |
Austria |
0.2 |
-0.2 |
-1.5 |
3.0 |
-2.2 |
-1.2 |
-3.2 |
2.6 |
Poland |
-0.6 |
-0.7 |
-0.4 |
-0.5 |
-2.3 |
-1.5 |
-1.5 |
-2.4 |
Portugal |
0.0 |
0.3 |
-0.3 |
1.9 |
-2.0 |
-0.1 |
0.2 |
4.0 |
Romania |
2.3 |
-0.8 |
-3.3 |
1.9 |
4.2 |
4.0 |
-0.1 |
0.1 |
Slovenia |
0.3 |
0.2 |
0.5 |
-0.1 |
-1.5 |
0.5 |
4.3 |
1.0 |
Slovakia |
-0.3 |
-0.7 |
0.4 |
0.5 |
-1.6 |
-0.1 |
1.5 |
0.5 |
Finland |
1.9 |
-0.7 |
-0.1 |
0.0 |
-2.8 |
1.0 |
1.7 |
1.0 |
Sweden |
0.0 |
-0.5 |
-0.4 |
0.5 |
-1.6 |
1.4 |
0.6 |
-1.5 |
Iceland |
-2.2 |
6.1 |
: |
: |
-1.0 |
4.7 |
: |
: |
Norway |
0.1 |
-0.4 |
0.1 |
0.1 |
-3.9 |
4.8 |
1.0 |
-0.5 |
: 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 the previous year |
||||
Euro area |
EU |
Euro area |
EU |
||
GDP |
2024 Q1 |
0.3 |
0.3 |
0.5 |
0.6 |
2024 Q2 |
0.2 |
0.3 |
0.5 |
0.8 |
|
2024 Q3 |
0.4 |
0.4 |
1.0 |
1.1 |
|
2024 Q4 |
0.2 |
0.4 |
1.2 |
1.4 |
|
Household & NPISH final consumption expenditure |
2024 Q1 |
0.5 |
0.5 |
1.0 |
1.3 |
2024 Q2 |
0.0 |
0.1 |
0.6 |
0.9 |
|
2024 Q3 |
0.6 |
0.5 |
1.1 |
1.3 |
|
2024 Q4 |
0.4 |
0.6 |
1.5 |
1.7 |
|
Government final consumption expenditure |
2024 Q1 |
0.3 |
0.4 |
2.2 |
2.2 |
2024 Q2 |
1.1 |
1.1 |
3.0 |
2.9 |
|
2024 Q3 |
0.9 |
0.9 |
3.1 |
3.1 |
|
2024 Q4 |
0.4 |
0.3 |
2.8 |
2.7 |
|
Gross Fixed Capital Formation |
2024 Q1 |
-2.0 |
-1.9 |
-1.0 |
-0.7 |
2024 Q2 |
-2.5 |
-2.2 |
-3.2 |
-3.0 |
|
2024 Q3 |
1.8 |
1.5 |
-1.6 |
-1.7 |
|
2024 Q4 |
0.6 |
0.5 |
-2.1 |
-2.2 |
|
Exports |
2024 Q1 |
1.1 |
0.8 |
-0.6 |
-0.2 |
2024 Q2 |
1.5 |
1.4 |
1.9 |
2.0 |
|
2024 Q3 |
-1.4 |
-1.1 |
1.5 |
1.4 |
|
2024 Q4 |
-0.1 |
0.1 |
1.1 |
1.1 |
|
Imports |
2024 Q1 |
-0.2 |
-0.1 |
-1.6 |
-1.2 |
2024 Q2 |
1.0 |
1.0 |
-0.5 |
0.0 |
|
2024 Q3 |
0.5 |
0.5 |
1.6 |
1.7 |
|
2024 Q4 |
-0.1 |
-0.1 |
1.2 |
1.4 |
|
|
|||||
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 consumption expenditure |
2024 Q1 |
0.3 |
0.3 |
0.5 |
0.7 |
2024 Q2 |
0.0 |
0.1 |
0.3 |
0.5 |
|
2024 Q3 |
0.3 |
0.3 |
0.6 |
0.7 |
|
2024 Q4 |
0.2 |
0.3 |
0.8 |
0.9 |
|
Government final consumption expenditure |
2024 Q1 |
0.1 |
0.1 |
0.5 |
0.5 |
2024 Q2 |
0.2 |
0.2 |
0.6 |
0.6 |
|
2024 Q3 |
0.2 |
0.2 |
0.7 |
0.7 |
|
2024 Q4 |
0.1 |
0.1 |
0.6 |
0.6 |
|
Gross Fixed Capital Formation |
2024 Q1 |
-0.4 |
-0.4 |
-0.2 |
-0.2 |
2024 Q2 |
-0.5 |
-0.5 |
-0.7 |
-0.7 |
|
2024 Q3 |
0.4 |
0.3 |
-0.3 |
-0.4 |
|
2024 Q4 |
0.1 |
0.1 |
-0.5 |
-0.5 |
|
Changes in Inventories* |
2024 Q1 |
-0.2 |
0.0 |
-0.8 |
-0.9 |
2024 Q2 |
0.2 |
0.2 |
-0.9 |
-0.8 |
|
2024 Q3 |
0.5 |
0.5 |
0.1 |
0.2 |
|
2024 Q4 |
-0.2 |
-0.2 |
0.3 |
0.5 |
|
Exports |
2024 Q1 |
0.6 |
0.4 |
-0.3 |
-0.1 |
2024 Q2 |
0.7 |
0.7 |
0.9 |
1.1 |
|
2024 Q3 |
-0.7 |
-0.6 |
0.8 |
0.7 |
|
2024 Q4 |
0.0 |
0.0 |
0.6 |
0.6 |
|
Imports |
2024 Q1 |
0.1 |
0.0 |
0.8 |
0.6 |
2024 Q2 |
-0.5 |
-0.5 |
0.3 |
0.0 |
|
2024 Q3 |
-0.2 |
-0.2 |
-0.8 |
-0.8 |
|
2024 Q4 |
0.0 |
0.0 |
-0.6 |
-0.7 |
|
|
|||||
GDP and expenditure components in the fourth quarter of 2024 in millions of euro, seasonally adjusted, at current prices |
||
|---|---|---|
Euro area |
EU |
|
GDP |
3 842 814.3 |
4 554 634.3 |
Household & NPISH final consumption expenditure |
2 024 932.4 |
2 398 469.8 |
Government final consumption expenditure |
833 197.8 |
984 292.3 |
Gross Fixed Capital Formation |
812 092.5 |
966 319.8 |
Changes in Inventories* |
15 154.4 |
16 603.6 |
Domestic Demand |
3 685 377.1 |
4 365 685.4 |
Exports |
1 883 480.2 |
2 285 049.0 |
Imports |
1 726 043.0 |
2 096 100.1 |
* 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 February 2025. 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 |
0.1 |
0.2 |
0.2 |
0.4 |
0.9 |
1.1 |
1.2 |
1.4 |
Employment |
0.1 |
0.1 |
0.1 |
0.2 |
0.6 |
0.5 |
0.7 |
0.5 |
All estimates presented in this release may be revised with the t+110 database update scheduled for 16 April 2025.
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
Thierry COURTEL (GDP)
E-mail: estat-gdp-query@ec.europa.eu
Jenny RUNESSON (Employment)