GDP Up by 0.3% in Both the Euro Area and the EU

In the second quarter of 2024, seasonally adjusted GDP increased by 0.3% in both the euro area and the EU compared with the previous quarter, according to a preliminary flash estimate published by Eurostat, the statistical office of the European Union. In the first quarter of 2024, GDP had also grown by 0.3% in both zones.

These preliminary GDP flash estimates are based on data sources that are incomplete and subject to further revisions. Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 0.6% in the euro area and by 0.7% in the EU in the second quarter of 2024, following increases of 0.5% in the euro area and 0.6% in the EU in the previous quarter.

Among the Member States for which data are available for the second quarter of 2024, Ireland (+1.2%) recorded the highest increase compared to the previous quarter, followed by Lithuania (+0.9%) and Spain (+0.8%). The highest declines were recorded in Latvia (-1.1%), Sweden (-0.8%), and Hungary (-0.2%). Year-on-year growth rates were positive for eight countries and negative for three.