In Q3 2024, seasonally adjusted GDP rose by 0.9 per cent in the euro area and 1.0 per cent in the EU compared to the same quarter in 2023. This follows annual growth of 0.5 per cent in the euro area and 0.8 per cent in the EU during the second quarter of 2024, said Eurostat in its report.
In Q3 2024, GDP grew by 0.4 per cent QoQ in both the euro area and EU, with annual growth of 0.9 per cent and 1.0 per cent, respectively.
Ireland led GDP growth at 3.5 per cent, while Hungary saw a 0.7 per cent decline.
Household consumption rose 0.7 per cent in euro area, 0.6 per cent in EU.
Employment rose 0.2 per cent in the euro area and remained stable in the EU.
By member state, Ireland (+3.5 per cent) recorded the highest increase of GDP compared to the previous quarter, followed by Denmark and Lithuania (both +1.2 per cent). The highest decreases were observed in Hungary (-0.7 per cent) and Latvia (-0.2 per cent).
In Q3 2024, GDP components such as household final consumption expenditure, government final consumption expenditure, gross fixed capital formation, exports and imports evolved notably compared to the same quarter last year.
Household final consumption expenditure increased 0.7 per cent in the euro area and by 0.6 per cent in the EU (after 0.0 per cent in the euro area and +0.1 per cent in the EU in the previous quarter). Government final consumption expenditure went up by 0.5 per cent in both the euro area and the EU (after +1.2 per cent in the euro area and +1.1 per cent in the EU in the previous quarter).
Gross fixed capital formation increased by 2.0 per cent in the euro area and by 1.0 per cent in the EU (after -2.4 per cent and -2.1 per cent respectively). Exports decreased by 1.5 per cent in the euro area and by 1.2 per cent in the EU (after +1.5 per cent in both areas), and imports increased by 0.2 per cent in the euro area and by 0.3 per cent in the EU (after +1.1 per cent in both areas).
In terms of contribution to GDP growth, household final consumption expenditure was positive for both the euro area (+0.4 percentage points – pp) and the EU (+0.3 pp), government final expenditure was positive for both the euro area and the EU (+0.1 pp for both), gross fixed capital formation was positive for both the euro area (+0.4 pp) and the EU (+0.2 pp), changes in inventories was positive for both the euro area (+0.4 pp) and the EU (+0.5 pp), and exports less imports was negative for both the euro area (-0.9 pp) and the EU (-0.7 pp).
The number of employed persons increased by 0.2 per cent in the euro area and remained stable in the EU in the third quarter of 2024, compared with the previous quarter. In the second quarter of 2024, employment had grown by 0.2 per cent in the euro area and by 0.1 per cent in the EU.
Compared with the same quarter of the previous year, employment increased by 1.0 per cent in the euro area and by 0.7 per cent in the EU in the third quarter of 2024, after +0.9 per cent in both areas in the second quarter of 2024.
Hours worked remained stable in the euro area and decreased by 0.1 per cent in the EU in the third quarter of 2024, compared with the previous quarter. Compared with the same quarter of the previous year, the hours worked increased by 0.9 per cent in the euro area and by 0.6 per cent in the EU.
Fibre2Fashion News Desk (SG)
