The Gross Domestic Product (GDP) In the Euro Area expanded 0.30 percent in the second quarter of 2024 over the previous quarter. GDP Growth Rate in Euro Area averaged 0.37 percent from 1995 until 2024, reaching an all time high of 11.70 percent in the third quarter of 2020 and a record low of -11.10 percent in the second quarter of 2020. source: EUROSTAT
GDP Growth Rate in Euro Area is expected to be 0.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Euro Area GDP Growth Rate is projected to trend around 0.40 percent in 2025 and 0.30 percent in 2026, according to our econometric models.
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| Calendar | GMT | Reference | Actual | Previous | Consensus | TEForecast | |
|---|---|---|---|---|---|---|---|
| 2024-06-07 | 09:00 AM | QoQ 3rd Est | Q1 | 0.3% | -0.1% | 0.3% | 0.3% |
| 2024-07-30 | 09:00 AM | QoQ Flash | Q2 | 0.3% | 0.3% | 0.2% | 0.2% |
| 2024-08-14 | 09:00 AM | QoQ 2nd Est | Q2 | 0.3% | 0.3% | 0.3% | |
| Related | Last | Previous | Unit | Reference |
|---|---|---|---|---|
| Full Year GDP Growth | 0.40 | 3.40 | percent | Dec 2023 |
| GDP Growth Rate YoY | 0.60 | 0.50 | percent | Jun 2024 |
| GDP Constant Prices | 2977580.30 | 2969901.40 | EUR Million | Jun 2024 |
| GDP Growth Annualized | 1.30 | -0.20 | percent | Mar 2024 |
| GDP Growth Rate | 0.30 | 0.30 | percent | Jun 2024 |
| Gross Fixed Capital Formation | 615405.40 | 623959.70 | EUR Billion | Mar 2024 |
Euro Area GDP Growth Rate
The Euro Area is an economic and monetary union of 19 European countries that adopted the euro as their currency. It is the second largest economy in the world and if it was a country it would be the third most populous with 341 million inhabitants. Germany, France, Italy and Spain are the most important economies accounting respectively for 29 percent, 20 percent, 15 percent and 10 percent of the bloc’s GDP.
| Actual | Previous | Highest | Lowest | Dates | Unit | Frequency | ||
|---|---|---|---|---|---|---|---|---|
| 0.30 | 0.30 | 11.70 | -11.10 | 1995 - 2024 | percent | Quarterly | SA |
Compare GDP Growth Rate by Country
News Stream
Euro Area GDP Growth Rate Beats Estimates
The Euro Area GDP expanded 0.3% on quarter in the second quarter of 2024, the same as in the previous period and above forecasts of 0.2%, preliminary estimates showed. Key economies including France (0.3% vs 0.3% in Q1), Italy (0.2% vs 0.3%) and Spain (0.8% vs 0.8%) grew in the quarter. Belgium (0.2% vs 0.3%), Ireland (1.2% vs 0.7%), Portugal (0.1% vs 0.8%) and Lithuania (0.9% vs 0.9%) also expanded. On the other hand, Germany which is the largest economy, unexpectedly contracted 0.1%, as the industrial sector continues to be strained by high interest rates. Also, Latvia shrank 1.1% and the GDP in Austria stalled (vs 0.2%). Year-on-year, the GDP in the Euro Area expanded 0.6%, the most in five quarters, following an upwardly revised 0.5% rise in Q1, and above forecasts of 0.5%. The European Commission expects the Eurozone economy to grow 0.8% this year, following a broad stagnation in 2023.
2024-07-30
Exports Drive Eurozone GDP Growth in Q1
The Eurozone economy expanded 0.3% on quarter in the first three months of 2024, recovering from a 0.1% contraction in each of the previous two quarters, the final estimate confirmed. It also marks the strongest GDP growth since the third quarter of 2022, with net trade making the largest upward contribution. Exports rose 1.4%, way better than a 0.2% rise in Q4 and imports edged 0.3%, after a 0.6% rise. Meanwhile, household spending rose 0.2%, the same as in the previous period. On the other hand, gross fixed capital formation sank 1.5%, reversing a 0.8% rise in Q4 and government expenditure stalled, following a 0.6% rise. In its June forecasts, the ECB projects economic growth to pick up to 0.9% in 2024, 1.4% in 2025 and 1.6% in 2026.
2024-06-07
Euro Area Economy Expands 0.3% in Q1
The Eurozone economy expanded 0.3% on quarter in the first three months of 2024, recovering from a 0.1% contraction in each of the previous two quarters, and in line with the first estimate. It also marks the strongest GDP growth since the third quarter of 2022, with German GDP rebounding (0.2% vs -0.5%) and France (0.2% vs 0.1%) and Italy (0.3% vs 0.1%) expanding at a faster pace. Also, the Spanish economy grew at a robust 0.7% (vs 0.7% in the previous quarter). After a year of stagnation in 2023, the Eurozone is now on the path to recovery, particularly in Germany. Inflation is nearing the 2% target, and the European Commission now forecasts 0.8% growth for 2024, little changed from previous predictions, driven by a steady rise in consumer spending and improved trade, although investment growth appears to be softening.
2024-05-15
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