Employment in the European Union (EU) rose by 0.2 percent in the fourth quarter of 2024, compared with the previous quarter. This expansion came after employment remained unchanged in Q3, according to the latest data by Eurostat, the statistical office of the European Union.
Employment growth in the EU also coincides with steady economic growth across the region. The seasonally adjusted GDP increased by 0.2 percent in the euro area and by 0.4 percent in the EU, compared with the previous quarter. In the third quarter of 2024, GDP had grown by 0.4 percent in both areas.
Employment grows 0.8 percent in 2024
In full-year 2024, employment rose 1 percent in the euro area and 0.8 percent in the EU, after a 1.4 percent and 1.2 percent expansion in 2023. Compared with Q4 of 2023, employment increased by 0.7 percent in the euro area and by 0.5 percent in the EU.
Romania, Spain, Greece and Portugal recorded the highest employment growth compared with the previous quarter. Meanwhile, the highest decrease in employment was recorded in Croatia, Finland, Latvia and Sweden.
According to seasonally adjusted figures, Eurostat estimates that in the fourth quarter of 2024, 219.7 million people were employed in the EU, of which 171.2 million were in the euro area.
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EU’s economy grows 1 percent in 2024
Eurostat also revealed that for the year 2024 as a whole, GDP increased by 0.9 percent in the euro area and by 1.0 percent in the EU, after a 0.4 percent increase in both zones in 2023.
This growth was driven by a notable expansion in household final consumption expenditure which grew 0.6 percent in Q4 of 2024. Government final consumption expenditure also increased by 0.3 percent the EU following a 0.9 percent expansion in Q3. Meanwhile, gross fixed capital formation increased by 0.5 percent following a 1.5 percent rise in Q3.
Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 1.2 percent in the euro area and by 1.4 percent in the EU in the fourth quarter of 2024, after a 1.0 percent increase in the euro area and a 1.1 percent increase in the EUÂ in the previous quarter.
Ireland recorded the highest quarterly increase in GDP at 3.6 percent, followed by Denmark at 1.6 percent and Portugal 1.5 percent. The highest decreases were observed in Malta, where the economy slowed by 0.7 percent, Austria (-0.4 percent), Germany and Finland (both -0.2 percent).
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