July 19, 2024

Quarterly GDP growth

According to Eurostat’s estimate, seasonally adjusted GDP in both the euro area and the EU increased by 0.3% in the first quarter of 2024 compared to the previous quarter. In the fourth quarter of 2023, GDP remained constant in both the euro area and the EU.

Seasonally adjusted GDP climbed by 0.5% in the euro area and 0.6% in the EU in the first quarter of 2024, compared to the same quarter the previous year.

In the first quarter of 2024, GDP in the United States increased by 0.4% over the previous quarter. GDP climbed by 2.9% compared to the same quarter last year (up from 3.1% the previous quarter).

GDP components and contributions to growth

During the first quarter of 2024, household final consumption expenditure climbed by 0.2% in the euro area and 0.3% in the EU (up from +0.2% in both zones the previous quarter). Government final consumption expenditure fell by 0.1% in the euro area and was steady in the EU (after increases of 0.6% and 0.5% in the previous quarter, respectively). Gross fixed capital formation fell by 1.4% in the euro area and 1.3% in the EU (compared to +0.7% in the euro area and +0.5% in the EU in the previous quarter). Exports rose by 1.3% in the euro area and 0.9% in the EU. Imports fell by 0.3% in the euro area and 0.2% in the EU (after increases of 0.6% in the euro area and 0.5% in the EU in the previous quarter).

Household final consumption expenditure contributed positively to GDP growth in the euro area and the EU (+0.1 percentage points). The contribution of government final spending was low in both zones (+0.0 percent). Gross fixed capital formation made a negative contribution to both the euro area and the EU (-0.3 percentage points). Changes in inventories contributed negatively to GDP growth in both the euro area (-0.3 pp) and the EU (-0.1 pp). Exports fewer imports contributed positively to both the euro area and the EU (+0.8 and +0.6 percentage points, respectively).

Quarterly employment growth

In the first quarter of 2024, employment climbed by 0.3% in both the euro area and the EU compared to the previous quarter. In the fourth quarter of 2023, employment increased by 0.3% in the euro area, 0.2% in the EU. Hours worked rose by 0.3% in both the euro area and the EU in the first quarter of 2024 (up from +0.1% in the euro area and +0.2% in the EU in the fourth quarter of 2023).

In the first quarter of 2024, employment based on individuals increased by 1.0% in the euro area and 0.9% in the EU, compared to the same quarter the previous year. The number of hours worked increased by 0.2% in the euro area and stayed steady in the EU in the first quarter of 2024, compared to the same quarter the previous year (after +0.8% and +0.5% respectively in the fourth quarter of 2023).

(Source: Eurostat)

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