In the fourth quarter of 2024, seasonally adjusted GDP increased by 0.1% in the euro area and by 0.2% the EU, compared with the previous quarter, according to a flash estimate published by Eurostat, the statistical office of the European Union. In the third quarter of 2024, GDP had grown by 0.4% in both areas.
According to an estimation of annual growth for 2024, based on seasonally and calendar adjusted quarterly data, GDP increased by 0.7% in the euro area and by 0.9% in the EU.
Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 0.9% in the euro area and by 1.1% in the EU in the fourth quarter of 2024, after +0.9% in the euro area and +1.0% in the EU in the previous quarter.
During the fourth quarter of 2024, GDP in the United States increased by 0.6% compared to the previous quarter (after +0.8% in the third quarter of 2024). Compared with the same quarter of the previous year, GDP increased by 2.5% (after +2.7% in the previous quarter).
The number of employed persons increased by 0.1% in both the euro area and the EU in the fourth quarter of 2024, compared with the previous quarter. In the third quarter of 2024, employment had increased by 0.2% in the euro area and had remained stable in the EU.
According to an estimation of annual growth for 2024, based on quarterly data, employment increased by 0.9% in the euro area and by 0.8% in the EU.
Compared with the same quarter of the previous year, employment increased by 0.6% in the euro area and by 0.5% in the EU in the fourth quarter of 2024, after +1.0% in the euro area and +0.7% in the EU in the third quarter of 2024.
These data provide a picture of labour input consistent with the output and income measures of national accounts.
Notes for users
Revisions
The reliability of GDP and employment flash estimates was tested by dedicated working groups and revisions of subsequent estimates are continuously monitored. Further information can be found on Eurostat website.
With these flash estimates, euro area and EU employment and GDP figures for earlier quarters are not revised.
The flash GDP estimates of the fourth quarter 2024 are based on Member States’ data covering 99% of the euro area and the EU GDP, while flash employment estimates are based on Member States’ data covering 95% of the euro area and 92% of the EU total employment.
A preliminary flash estimate of GDP growth was published in the News Release issued on 30 January 2025. This was based on GDP estimates for nineteen Member States.
The euro area and EU estimates for the last quarter were revised as presented in the following table:
|
To the previous quarter (Q/Q-1) |
To the previous year (Q/Q-4) |
||
|
Previous |
Current |
Previous |
Current |
|
0.0 |
0.1 |
0.9 |
0.9 |
|
0.1 |
0.2 |
1.1 |
1.1 |
All figures presented in this release may be revised with Eurostat’s regular estimates of GDP and main aggregates (including employment) scheduled for 7 March 2025 and 16 April 2025.
Release schedule
Comprehensive estimates of European main aggregates (including GDP and employment) are based on countries regular transmissions and published around 65 and 110 days after the end of each quarter. To improve the timeliness of key indicators, Eurostat also publishes flash estimates for GDP (after around 30 and 45 days) and employment (after around 45 days). Their compilation is based on estimates provided by EU Member States on a voluntary basis.
This news release presents flash estimates for euro area and EU GDP and employment growth after around 45 days.
Methods and definitions
European quarterly national accounts are compiled in accordance with the European System of Accounts 2010 (ESA 2010). They include key policy indicators of GDP and employment.
Gross domestic product (GDP) at market prices measures the production activity of resident production units. Growth rates are based on chain-linked volumes.
Employment covers employees and self-employed working in resident production units (domestic concept). While employment flash estimates are limited to total employment in persons, regular estimates also cover hours worked and industry breakdowns.
The first estimation of annual growth for 2024 is derived by dividing the sum of the four quarters of 2024 by the sum of the four quarters of 2023. Seasonally and calendar adjusted series in chain-linked volumes are used for GDP and unadjusted series are used for employment. The first regular estimates for annual growth in 2024 will be published on 7 March 2025.
The method used for compilation of European GDP and employment estimates is the same as for previous releases.
Geographical information
Euro area (EA20): Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.
European Union (EU27): Belgium, Bulgaria, Czechia, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland and Sweden.
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