announcement
Following the Recommendation on a European harmonized revision policy for national accounts and the balance of payments, EU countries will carry out a benchmark revision of national economic estimates in 2024. The purpose of this benchmark amendment is to implement the changes introduced by the amendments to the ESA 2010 Regulation. New data sources and other methodological improvements can also be incorporated. Most of the revised quarterly and annual country data will be published by Eurostat between June and October 2024 and will be gradually integrated into European estimates. The impact of these revisions is expected to be limited, but still significant for some European aggregates and more so in certain Member States. For more information, please refer to the documentation available on the Eurostat website.
Seasonally adjusted GDP in the second quarter of 2024 increased by 0.3% quarter-on-quarter in both the euro area and the EU, according to preliminary figures published by the European Union’s statistics agency Eurostat. GDP in the first quarter of 2024 also grew by 0.3% in both zones.
These preliminary GDP figures are based on incomplete data sources and are subject to further revision.
Compared to the same period last year, seasonally adjusted GDP will increase by 0.6% in the Eurozone and 0.7% in the EU in the second quarter of 2024, after increasing by 0.5% in the Eurozone and 0.6% in the EU. It became. in the previous quarter.
Among Member States with available data for the second quarter of 2024, the highest increases compared to the previous quarter were recorded in Ireland (+1.2%), followed by Lithuania (+0.9%) and Spain (+ 0.8%) followed. The largest declines were recorded in Latvia (-1.1%), Sweden (-0.8%) and Hungary (-0.2%). Year-on-year growth rates were positive in eight countries and negative in three.
The next forecast for Q2 2024 will be published on August 14, 2024.
Note to users
revision
The reliability of preliminary GDP figures is tested by a specialized working group, and subsequent revisions to estimates are continuously monitored. For more information please visit the Eurostat website.
The preliminary figures do not revise Eurozone and EU GDP figures for previous quarters.
All figures in this release are subject to revision by preliminary GDP t+45 figures scheduled for August 14, 2024, and thereafter by September 6, 2024 and October 2024. It is likely to be revised by Eurostat’s regular estimates of GDP and key aggregates (including employment), scheduled for March 18th. Impact of national benchmark revisions, where available.
The preliminary GDP growth figures for the second quarter of 2024 presented in this release are based on data from 18 member countries, covering 96% of euro area GDP and 94% of EU gross domestic product.
Release schedule
Comprehensive estimates for Europe’s key aggregates (including GDP and employment) are based on regular national releases and are published approximately 65 and 110 days after the end of each quarter. To increase the timeliness of key indicators, Eurostat also publishes preliminary figures for GDP (after approximately 30 and 45 days) and employment (after approximately 45 days). The compilation is based on estimates provided voluntarily by EU member states.
This news release provides preliminary preliminary figures for the Eurozone and the European Union, approximately 30 days out.
Method and definition
The European Quarterly National Accounts are compiled according to the European System of Accounts 2010 (ESA 2010).
Gross domestic product (GDP) at market prices measures the productive activity of domestic production units. Growth rates are based on chain-linked volumes.
Two statistical working papers present a preliminary GDP bulletin methodology for European estimates and estimates for Member States.
The method used to aggregate European GDP is the same as in previous releases.
geographic information
Euro Area (EA20): Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Austria, Portugal, Slovenia, Slovakia, Finland.
European Union (EU27): Belgium, Bulgaria, Czech Republic, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland and Sweden.
