In the EU, GDP increases by 0.3% and employment by 0.3%

The economies of the euro area and the European Union (EU) grew by 0.3% in the first quarter of 2024, according to preliminary estimates published today by Eurostat, the EU statistics office. This growth is mainly due to the increase in household final consumption spending and exports.

GDP growth:

• Both the euro area and the EU saw a 0.3% increase in seasonally adjusted GDP in the first quarter, compared to the last quarter of 2023.
• Compared to the same quarter of the previous year, the GDP of the euro area grew by 0.4% and that of the EU by 0.5%.
• Household final consumption expenditure was positive in both areas, while investment in fixed capital and changes in inventories had a negative impact on GDP growth.
• Net exports contributed positively to GDP growth in both the euro area and the EU.

Job growth:

• The number of people in work increased by 0.3% in both the euro area and the EU in the first quarter of 2024, compared to the last quarter of 2023.
• Compared to the same quarter of the previous year, employment grew by 1.0% in the euro area and 0.9% in the EU.
• Hours worked increased 0.3% in both areas in the first quarter.

For more information, consult Eurostat: