EU GDP and Employment Show Steady Growth

In the second quarter of 2024, both the euro area and the European Union experienced a modest economic upturn, with seasonally adjusted GDP increasing by 0.3% in each region compared to the previous quarter, according to Eurostat. This follows a similar growth rate of 0.3% in the first quarter of 2024. Year-over-year, GDP rose by 0.6% in the euro area and by 0.8% in the EU, up from 0.5% and 0.6%, respectively, in the prior quarter.

Employment also saw a slight increase, with the number of employed persons rising by 0.2% in both the euro area and the EU during the second quarter of 2024. This marks a decrease from the 0.3% growth observed in the first quarter. Compared to the same period last year, employment grew by 0.8% in the euro area and 0.7% in the EU.

As EU countries implement a benchmark revision of national accounts estimates in 2024, including new data sources and methodological improvements, the impact on economic aggregates is expected to be noticeable but limited.