In the first quarter of 2024, the eurozone economy grew by 0.3% compared with the previous quarter, according to the third estimate published by Eurostat, the statistical office of the European Union.
Eurostat also reported on Friday that the EU saw a 0.3% increase in its gross domestic product (GDP) quarter-on-quarter.
Meanwhile, compared with the same quarter in 2023, seasonally adjusted GDP increased by 0.4% in the euro area and by 0.5% in the EU.
GDP growth by member state
Malta (+1.3%) recorded the highest increase of GDP compared to the previous quarter, followed by Cyprus (+1.2%) and Croatia (+1.0%).
Decreases were observed in Denmark (-1.8%), Estonia (-0.5%) and the Netherlands (‑0.1%).
Components and contributions to growth
According to Eurostat, GDP components evolved in the first quarter of 2024 as follows:
Household final consumption expenditure increased by 0.2% in both the euro area and the EU
Government final consumption expenditure was stable in the euro area and increased by 0.1 in the EU
Gross fixed capital formation decreased by 1.5% in both the euro area and the EU
Exports increased by 1.4% in the euro area and by 1.0% in the EU
Imports decreased by 0.3% in the euro area and by 0.2% in the EU
Meanwhile, the contribution to GDP growth came from household final consumption expenditure, which was positive for both the euro area and the EU (+0.1 percentage points – pp), while government final expenditure was negligible for both zones (+0.0 pp for both).
Gross fixed capital formation was negative for both the euro area and the EU (-0.3 pp for both), changes in inventories was negative for both euro area (-0.3 pp) and the EU (-0.1 pp), while exports minus imports was positive for both the euro area (+0.9 pp) and the EU (+0.6 pp).
Employment growth in eurozone and EU
Meanwhile, the number of employed persons increased by 0.3% in both the euro area and the EU in the first quarter of 2024, compared with the previous quarter, after +0.3% 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 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,” Eurostat said.
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