Eurozone GDP grows 0.3% in Q1 2024

Eurozone’s gross domestic product (GDP) saw a 0.3% increase in the first quarter of 2024 compared to the previous three months, according to a second flash estimate report released by the European Commission’s Eurostat on Wednesday.

This figure aligns with the initial flash estimate. Across the entire European Union (EU), GDP also rose by 0.3% over the same period.

Eurozone’s GDP indicates economic expansion

On a year-over-year basis, GDP growth was recorded at 0.4% for both the euro area and the EU.

This steady growth indicates a consistent, albeit modest, economic expansion across the region over the past year.

What do the employment numbers say?

The first quarter of 2024 also saw an increase in employment. In the Eurozone, the number of employed individuals grew by 0.3% compared to the fourth quarter of 2023.

In the EU, employment rose by 0.2% over the same period. Annually, employment figures increased by 1% in the Eurozone and by 0.7% in the EU, reflecting a positive trend in job creation across the region.

Eurozone’s economic outlook

The consistent growth in both GDP and employment underscores the resilience of the Eurozone and EU economies amid various global challenges.

The data highlights ongoing recovery efforts and a stable economic environment, fostering optimism for continued growth in the coming quarters.

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