The EU economy and the eurozone grow by 0.3% in the first quarter, driven by consumption and exports
The economies of the eurozone 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’s statistical office. This growth is mainly due to an increase in household final consumption expenditure and exports.
GDP growth:
- Both the eurozone and the EU experienced 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 eurozone’s GDP grew by 0.4% and the EU’s by 0.5%.
- Household final consumption expenditure was positive in both areas, while fixed capital investment and the change in stocks had a negative impact on GDP growth.
- Net exports contributed positively to GDP growth in both the eurozone and the EU.
Employment growth:
- The number of people employed increased by 0.3% in both the eurozone 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 eurozone and 0.9% in the EU.
- Hours worked increased by 0.3% in both areas in the first quarter.
For more information, please refer to Eurostat: