The Eurozone economy expanded 0.3% on quarter in the first three months of 2024, recovering from a 0.1% contraction in each of the previous two quarters, and in line with the first estimate. It also marks the strongest GDP growth since the third quarter of 2022, with German GDP rebounding (0.2% vs -0.5%) and France (0.2% vs 0.1%) and Italy (0.3% vs 0.1%) expanding at a faster pace. Also, the Spanish economy grew at a robust 0.7% (vs 0.7% in the previous quarter). After a year of stagnation in 2023, the Eurozone is now on the path to recovery, particularly in Germany. Inflation is nearing the 2% target, and the European Commission now forecasts 0.8% growth for 2024, little changed from previous predictions, driven by a steady rise in consumer spending and improved trade, although investment growth appears to be softening. source: EUROSTAT

The Gross Domestic Product (GDP) In the Euro Area expanded 0.30 percent in the first quarter of 2024 over the previous quarter. GDP Growth Rate in Euro Area averaged 0.37 percent from 1995 until 2024, reaching an all time high of 12.10 percent in the third quarter of 2020 and a record low of -11.30 percent in the second quarter of 2020. This page provides - Euro Area GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Euro Area GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on May of 2024.

The Gross Domestic Product (GDP) In the Euro Area expanded 0.30 percent in the first quarter of 2024 over the previous quarter. GDP Growth Rate in Euro Area is expected to be 0.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Euro Area GDP Growth Rate is projected to trend around 0.40 percent in 2025 and 0.30 percent in 2026, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2024-04-30 09:00 AM QoQ Flash Q1 0.3% 0% 0.1% 0.1%
2024-05-15 09:00 AM QoQ 2nd Est Q1 0.3% -0.1% 0.3% 0.3%
2024-06-07 09:00 AM QoQ 3rd Est Q1 -0.1% 0.3% 0.3%


Related Last Previous Unit Reference
Full Year GDP Growth 0.40 3.40 percent Dec 2023
GDP Growth Rate YoY 0.40 0.10 percent Mar 2024
GDP Constant Prices 2959.70 2950.09 EUR Billion Mar 2024
GDP Growth Annualized 1.30 -0.20 percent Mar 2024
GDP Growth Rate 0.30 -0.10 percent Mar 2024
Gross Fixed Capital Formation 636.16 629.97 EUR Billion Dec 2023

Euro Area GDP Growth Rate
The Euro Area is an economic and monetary union of 19 European countries that adopted the euro as their currency. It is the second largest economy in the world and if it was a country it would be the third most populous with 341 million inhabitants. Germany, France, Italy and Spain are the most important economies accounting respectively for 29 percent, 20 percent, 15 percent and 10 percent of the bloc’s GDP.
Actual Previous Highest Lowest Dates Unit Frequency
0.30 -0.10 12.10 -11.30 1995 - 2024 percent Quarterly
SA


News Stream
Euro Area Economy Expands 0.3% in Q1
The Eurozone economy expanded 0.3% on quarter in the first three months of 2024, recovering from a 0.1% contraction in each of the previous two quarters, and in line with the first estimate. It also marks the strongest GDP growth since the third quarter of 2022, with German GDP rebounding (0.2% vs -0.5%) and France (0.2% vs 0.1%) and Italy (0.3% vs 0.1%) expanding at a faster pace. Also, the Spanish economy grew at a robust 0.7% (vs 0.7% in the previous quarter). After a year of stagnation in 2023, the Eurozone is now on the path to recovery, particularly in Germany. Inflation is nearing the 2% target, and the European Commission now forecasts 0.8% growth for 2024, little changed from previous predictions, driven by a steady rise in consumer spending and improved trade, although investment growth appears to be softening.
2024-05-15
Euro Area GDP Rises More Than Expected in Q1
The Eurozone’s economy expanded by 0.3% in the first quarter of 2024, the fastest growth rate since the third quarter of 2022, to beat market expectations of a marginal 0.1% expansion and gain traction following muted readings since the fourth quarter of 2022. The result added leeway for the European Central Bank to refrain from cutting rates to a larger extent this year should inflationary pressures prove to be more stubborn than previously expected. Among the currency bloc’s largest economies, both the German and the French GDPs expanded by 0.2%, while that from Italy grew by 0.3% and that from Spain expanded by 0.7%, all above market estimates. Compared to the same quarter of the previous year, the Eurozone’s GDP grew by 0.4%, beating market expectations of 0.2%, and gaining traction after two straight quarters of 0.1% growth.
2024-04-30
Eurozone Economic Stagnation Confirmed in Q4
The Euro Area economy stagnated in the fourth quarter of 2023, following a 0.1% contraction in the previous three-month period, as persistently high inflation, record borrowing costs, and weak external demand continued to exert downward pressure on growth. Net exports subtracted 0.3 percentage points from the GDP, with exports remaining flat (vs -1.2% in Q3) and imports increasing by 0.6% (vs -1.4%), while changes in inventories subtracted 0.1 percentage point. On the other hand, household consumption rose by a meager 0.1%, following a 0.3% increase in the previous quarter. On a brighter note, fixed investment advanced by 1.0% (vs 0.0% in Q3), and public spending expanded by 0.6% (vs 0.6% in Q3). Compared with the same quarter of the previous year, the Eurozone economy advanced by 0.1%, matching the pace of the previous period. Looking at the full year of 2023, the GDP grew by 0.4%, marking a sharp decline from a 3.4% expansion in 2022.
2024-03-08