Euro Area and EU Economic Growth in Q3 2024

In the third quarter of 2024, the euro area experienced a seasonally adjusted GDP growth of 0.4% compared to the previous quarter, while the EU saw a 0.3% increase. This represents a slight improvement for the euro area over Q2, which had recorded a 0.2% increase. Annually, GDP in Q3 rose by 0.9% in the euro area and by 1.0% in the EU, reflecting an uptick from Q2’s 0.6% and 0.8% growth rates, respectively.

Meanwhile, the United States reported a stronger quarter-on-quarter GDP growth of 0.7%, consistent with Q2 figures, and an annual growth of 2.7%.

Employment Trends in Q3 2024

Employment in the euro area grew by 0.2% from the previous quarter, while the EU saw a 0.1% increase, consistent with Q2’s growth pattern. Compared to the same quarter of the previous year, employment increased by 1.0% in the euro area and by 0.8% in the EU.

These moderate GDP and employment growth rates suggest steady but cautious economic progress within the euro area and the EU amidst global uncertainties.