Quarterly GDP growth
GDP up by 0.3% in the euro area and the EU
According to an estimate (see Data sources below) published by Eurostat, seasonally adjusted GDP increased by 0.3% in both the euro area and the EU in the first quarter of 2024, compared with the previous quarter. In the fourth quarter of 2023, GDP remained stable both in the euro area and in the EU.
Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 0.5% in the euro area and by 0.6% in the EU in the first quarter of 2024, after an increase of 0.2% in the euro area and 0.4% in the EU the previous quarter.
During the first quarter of 2024, GDP in the United States increased by 0.4% compared with the previous quarter (after +0.8% in the fourth quarter of 2023). Compared with the same quarter of the previous year, GDP increased by 2.9% (after +3.1% in the previous quarter).
Table 1: Growth rates of GDP in volume (%, change based on seasonally adjusted data)
Source: Eurostat (namq_10_gdp) and (naidq_10_gdp) for Japan and US data
GDP growth by Member State
Among the EU Member States, the highest increases of GDP were recorded in Malta (+1.3%), Cyprus (+1.2%) and Croatia (+1.0%) in the first quarter of 2024, while decreases were observed in Denmark (-1.4%), Estonia and the Netherlands (both -0.5%).
Figure 1: GDP growth rates (%, change over the previous quarter, based on seasonally adjusted data, 2024Q1)
Source: Eurostat (namq_10_gdp)
GDP components and contributions to growth
During the first quarter of 2024, household final consumption expenditure increased by 0.2% in the euro area and by 0.3% in the EU (after +0.2% in both zones in the previous quarter). Government final consumption expenditure decreased by 0.1% in the euro area and remained stable in the EU (after +0.6% and +0.5% respectively, in the previous quarter). Gross fixed capital formation decreased by 1.4% in the euro area and by 1.3% in the EU (after +0.7% in the euro area and +0.5% in the EU in the previous quarter). Exports increased by 1.3% in the euro area and by 0.9% in the EU (after +0.4% in the euro area and +0.5% in the EU in the previous quarter). Imports decreased by 0.3% in the euro area and by 0.2% in the EU (after +0.6% in the euro area and +0.5% in the EU in the previous quarter).
Household final consumption expenditure had a positive contribution to GDP growth for both the euro area and the EU (+0.1 percentage points (pp)). The contribution from government final expenditure was negligible in both zones (+0.0pp). The contribution from gross fixed capital formation was negative for both the euro area and the EU (-0.3pp). Changes in inventories had negative contributions to GDP growth both in the euro area (-0.3pp) and in the EU (-0.1pp). The contribution of exports less imports was positive both for the euro area and for the EU (+0.8pp and +0.6pp respectively).
Figure 2: Decomposition of GDP growth by expenditure aggregates (contributions to growth (over the previous quarter) in percentage points, 2023Q2 - 2024Q1)
Source: Eurostat Eurostat (namq_10_gdp)
Quarterly employment growth
Number of employed persons up by 0.3% both in the euro area and the EU
The number of persons employed increased by 0.3% in both the euro area and the EU in the first quarter of 2024 compared with the previous quarter. In the fourth quarter of 2023, employment had increased by 0.3% in the euro area by 0.2% and the EU. Hours worked increased by 0.3% in both the euro area and the EU in the first quarter of 2024 (after +0.1% in the euro area and +0.2% in the EU, in the fourth quarter of 2023).
Compared with the same quarter of the previous year, employment based on persons increased by 1.0% in the euro area and by 0.9% in the EU in the first quarter of 2024 (after +1.2% in the euro area and +1.0% in the EU in the fourth quarter of 2023). Number of hours worked increased by 0.2% in the euro area and remained stable in the EU in the first quarter of 2024, compared with the same quarter of the previous year (after +0.8% and +0.5% respectively in the fourth quarter of 2023).
These data on employment provide a picture of labour input consistent with the output and income measure of national accounts.
Table 2: Growth rates of employment in persons (%)
Source: Eurostat (namq_10_a10_e)
Table 3: Growth rates of employment in hours worked (%)
Source: Eurostat (namq_10_a10_e)
Figure 3: Growth of employment in persons and hours worked (% change over the previous quarter, based on seasonally adjusted data, 2008Q1 - 2024Q1)
Source: Eurostat (namq_10_a10_e)
Employment growth by Member State
Among EU Member States, the highest increases in employment in persons were observed in Romania (+2.4%), Malta (+1.4%) and Portugal (+1.1%). Poland (-0.6%), Slovakia (-0.3%) and Czechia (-0.2%) recorded the highest declines in the first quarter of 2024 compared with the previous quarter.
Luxembourg (+4.4%), Malta (+3.5%) and Romania (+2.5%) exhibited the highest increases in employment measured in hours worked. Czechia (-1.5%), Estonia (-1.0%), Austria and Slovakia (both -0.6%) showed the highest decreases in the first quarter of 2024 compared with the previous quarter.
Figure 4: Employment growth rates (% change over the previous quarter, based on seasonally adjusted data, 2024Q1)
Source: Eurostat (namq_10_a10_e)
Employment levels
Employment in persons increased by 0.5million in the euro area and by 0.6million in the EU
Based on seasonally adjusted figures, Eurostat estimates that in the first quarter of 2024, 217.9million people were employed in the EU, of whom 169.8million were in the euro area.
Figure 5: Evolution of employment in persons and hours worked (index 2015=100, based on seasonally adjusted data, 2008Q1 - 2024Q1)
Source: Eurostat (namq_10_a10_e)
Labour productivity
The combination of GDP and employment data allows an estimation of labour productivity.
In the first quarter of 2024, productivity based on persons decreased by 0.5% in the euro area and by 0.3% in the EU compared with the same quarter of the previous year.
Compared with the same quarter of the previous year, productivity based on hours worked decreased by 0.2% in the euro area and increased by 0.2% in the EU.
Figure 6: Labour productivity growth rates, (%, change over same quarter of the previous year, based on seasonally adjusted data, 2008Q1 - 2024Q1)
Source: Eurostat (namq_10_lp_ulc)
Source data for tables and graphs
Quarterly national accounts - GDP and employment 2024Q1
Data sources
Eurostat collects GDP and employment data in the framework of ESA 2010. Additional information on the dissemination of ESA 2010 data is available under publications on the dedicated website and in the database section National Accounts (ESA 2010).
European aggregates are published at specific release dates. The preliminary flash estimate of GDP growth of the second quarter of 2024 will be released on 30 July 2024 and will be updated on 14 August 2024. The next regular estimates of European aggregates are due on 6 September 2024 (for both GDP and employment estimates). Revision triangles for GDP for the euro area and the EU can be found here. These revision triangles are updated once per quarter.
Following recommendations for a harmonised European revision policy for national accounts and balance of payments, EU countries will carry out a benchmark revision of their national accounts estimates in 2024. The purpose of this benchmark revision is to implement changes introduced by the amended ESA 2010 regulation, and to incorporate new data sources and other methodological improvements. Most of the revised quarterly and annual country data are expected to be released by Eurostat between June and October 2024, and will be progressively integrated in European estimates. The impact of these revisions is expected to be limited, but still noticeable for some European aggregates and more pronounced for certain Member States. For further details, please consult the available documentation on Eurostat's website.
The European estimates published today include benchmark revisions from Czechia, Denmark, Ireland, France, the Netherlands and Sweden.
For further details see the Eurostat website.
Context
Quarterly figures on the evolution of gross domestic product (GDP) and its main aggregates are among the most significant indicators of the state of any economy, be it at a national or European level and are of key interest to users. Typical users of quarterly national accounts (QNA) figures are market analysts, forecasters or economic and monetary policy advisors interested in assessing the state of the current business cycle.
The ESA 2010 distinguishes between 2 employment concepts depending on geographical coverage: resident persons in employment (i.e. the national scope of employment) and employment in resident production units irrespective of the place of residence of the employed person (i.e. domestic scope). The ESA 2010 recognises several employment measures: persons, hours worked and jobs. Eurostat publishes mainly employment data measured in persons and in hours worked.
