In the second quarter of 2024, seasonally adjusted GDP rose by 0.2 percent in both the euro area and the EU, according to an estimate released by Eurostat, the European Union’s statistical office. This follows a GDP increase of 0.3 percent in both regions during the first quarter of 2024.
When compared to the same quarter the previous year, seasonally adjusted GDP experienced a 0.6 percent increase in the euro area and a 0.8 percent rise in the EU during the second quarter of 2024, following increases of 0.5 percent in the euro area and 0.7 percent in the EU in the prior quarter.
GDP changes
Poland saw the most significant GDP growth at +1.5 percent from the previous quarter, followed by Greece at +1.1 percent and the Netherlands at +1.0 percent. Moreover, the largest declines were recorded in Ireland (-1.0 percent), Latvia (-0.9 percent), and Austria (-0.4 percent).
Employment figures also showed positive movement, with a 0.2 percent increase in the euro area and a 0.1 percent increase in the EU for the second quarter of 2024, compared to the previous quarter. In the first quarter of 2024, employment had grown by 0.3 percent in both regions.
Year-over-year employment comparison
Year-over-year, employment rose by 0.8 percent in both the euro area and the EU in the second quarter of 2024, down from increases of 1.0 percent in the euro area and 0.9 percent in the EU in the first quarter of 2024.
The highest employment growth was observed in Ireland and Lithuania (both at +1.1 percent) and Estonia (+0.8 percent) compared to the previous quarter. The most significant employment declines were noted in Romania (-0.5 percent) and Finland (-0.4 percent).
According to seasonally adjusted data, Eurostat estimates that 218.6 million people were employed in the EU in the second quarter of 2024, with 170.1 million of those in the euro area.
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