Euro Area And EU Witness Modest GDP Growth In Second Quarter Of 2024

According to Eurostat, the statistical office of the European Union, seasonally adjusted GDP in both the euro area and the EU rose by 0.2 percent in the second quarter of 2024 compared to the previous quarter. This follows a 0.3 percent growth in both regions during the first quarter of 2024.

When comparing year-on-year data, seasonally adjusted GDP saw an increase of 0.6 percent in the euro area and 0.8 percent in the EU for the second quarter of 2024. This is a slight improvement from the previous quarter's year-on-year growth rates of 0.5 percent for the euro area and 0.7 percent for the EU.

Poland led with a notable GDP increase of 1.5 percent compared to the previous quarter, followed by Greece at 1.1 percent and the Netherlands at 1.0 percent. Conversely, Ireland experienced a significant decline of 1.0 percent, with Latvia and Austria also seeing decreases of 0.9 percent and 0.4 percent respectively.

The employment rate in both the euro area and the EU grew by 0.2 percent and 0.1 percent respectively in the second quarter of 2024 compared to the previous quarter. In contrast, employment had risen by 0.3 percent in both zones during the first quarter of 2024.

Year-on-year employment figures show an increase of 0.8 percent in both regions for Q2 2024, following a rise of 1.0 percent in the euro area and 0.9 percent in the EU during Q1 2024.

Ireland and Lithuania each saw a robust employment growth rate of 1.1 percent, while Estonia recorded an increase of 0.8 percent compared to the previous quarter. On the other hand, Romania experienced a decrease in employment by 0.5 percent, with Finland also seeing a reduction of 0.4 percent.

Overall Employment Figures

Based on seasonally adjusted data from Eurostat, it is estimated that there were approximately 218.6 million employed individuals within the EU during Q2 2024, with around 170.1 million employed within the euro area specifically.

This data highlights varying economic performances across different member states within both GDP growth and employment rates for Q2 2024.

With inputs from WAM