According to Eurostat’s third estimate, the eurozone economy expanded by 0.2% quarterly during the last three months of 2024. This exceeded the 0.4% rise in the third quarter and was higher than the 0.1% increase in the second estimate.
The fourth quarter of the year saw a 0.4% increase in the European Union’s GDP or output, the same as the third quarter. While government spending climbed by 0.3%, household spending increased by 0.6%, contributing to growth at the end of the year. In the EU, imports and exports both fell by 0.1%.
The two largest economies in the European Union encountered difficulties; Germany’s economy shrank by 0.2% quarter over quarter, while France’s GDP shrank by 0.1%. Finland’s GDP declined by 0.2%, while Austria’s economy shrank by 0.4%. Latvia’s economy was essentially stable, whereas Malta’s shrank by 0.7%.
Italy’s economy grew by 0.1%, surpassing the flat figure from the previous assessment. Additionally, Ireland saw growth of 3.6%, which was changed from the prior estimate’s 1.3% decline. Quarter-over-quarter, the Portuguese economy climbed 1.5%, while the Greek economy grew 0.9%. Lithuania’s GDP increased by 0.8%, and Spain’s economy grew at a similar pace.
Slovenia’s economy grew by 0.6%, Slovakia’s GDP increased by 0.5%, and Estonia’s economy grew by 0.7%. At 0.3%, Cyprus’ increase was less than that of most other EU nations. Throughout 2024, the GDP of the Eurozone increased by 0.9%, while the GDP of the EU grew by 1%. In contrast, both zones saw increase of 0.4% the year before.
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