According to the third estimate released by the European Union’s statistical agency Eurostat, the euro area economy grew by 0.3% in the first quarter of 2024 compared to the previous quarter.
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Eurostat also reported on Friday that the EU’s gross domestic product (GDP) rose by 0.3% sequentially.
Meanwhile, seasonally adjusted GDP compared to the same quarter in 2023 increased by 0.4% in the euro area and 0.5% in the EU.
GDP growth rate by member country
Malta (+1.3%) recorded the highest GDP growth compared to the previous quarter, followed by Cyprus (+1.2%) and Croatia (+1.0%).
Declines were observed in Denmark (-1.8%), Estonia (-0.5%) and the Netherlands (-0.1%).
Components and contributions to growth
According to Eurostat, the components of GDP in the first quarter of 2024 were:
Household final consumption expenditure increased by 0.2% in both the euro area and the EU
Government final consumption expenditure is stable in the euro area, increasing 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 fell by 0.3% in the euro area and by 0.2% in the EU.
On the other hand, the contribution to GDP growth came from household final consumption expenditure, which was positive in both the euro area and the EU (+0.1 percentage point, pp), while government final expenditure was negligible in both zones. Yes (both +0.0 points). .
Gross fixed capital formation is negative in both the euro area and the EU (both -0.3 points), and the change in inventories is negative in both the euro area (-0.3 points) and the EU (-0.1 points), with a shift from exports to imports. The amount subtracted was negative. It was positive in both the euro area (+0.9 points) and the EU (+0.6 points).
Employment growth in the euro area and the EU
Meanwhile, the number of employed people grew by 0.3% quarter-on-quarter in both the euro area and the EU in Q1 2024, after +0.3% in the euro area and +0.2% in the EU in the fourth quarter. . Quarter of 2023.
“Compared to the same period last year, employment in the first quarter of 2024 grew by 1.0% in the euro area and 0.9% in the EU, followed by an increase of 1.2% in the euro area and 1.0% in the EU in 2024. in the fourth quarter of 2023,” Eurostat said.
