EU: GDP Grows by 0.2%

On a seasonally adjusted basis, GDP for the April-June period in both the eurozone and the European Union (EU) increased by 0.2% compared to the previous quarter. According to estimates published by the Statistical Office of the European Union (Eurostat), GDP in both areas grew by 0.3% in the first quarter of 2024.

Compared to the second quarter of 2023, seasonally adjusted GDP increased by 0.6% in the eurozone and 0.8% in the EU (+0.5% and +0.7% in the first quarter, respectively). During this period, the number of employed persons increased by 0.2% in the eurozone and by 0.1% in the EU, compared to the previous quarter. In the first quarter of 2024, employment grew by 0.3% in both areas.

The best performance was in Poland with GDP growth of 1.5% compared to the previous quarter, followed by Greece (+1.1%) and the Netherlands (+1.0%), while the biggest fall was in Ireland (-1.0%), followed by Latvia (-0.9%) and Austria (-0.4%).

Over the same period, meaning April through June 2024, US GDP increased by 0.7% compared to the previous quarter and by 3.1% compared to the same quarter last year.