In the first quarter of 2024, the eurozone economy grew by 0.3% compared to the previous quarter, according to the latest estimate published by Eurostat, the statistical office of the European Union. The EU also saw a 0.3% increase in its gross domestic product (GDP) quarter-on-quarter.
When compared to the same quarter in 2023, seasonally adjusted GDP increased by 0.4% in the euro area and by 0.5% in the EU. Malta, Cyprus, and Croatia recorded the highest increases in GDP compared to the previous quarter, while decreases were observed in Denmark, Estonia, and the Netherlands.
Household final consumption expenditure increased by 0.2% in both the euro area and the EU, while government final consumption expenditure remained stable in the euro area and increased by 0.1% in the EU. Gross fixed capital formation decreased by 1.5% in both regions, while exports increased and imports decreased.
The contribution to GDP growth came primarily from household final consumption expenditure, which was positive for both the euro area and the EU. Employment growth in both regions was also positive; it increased by 0.3% in each region compared to
