In the first quarter of 2024, seasonally adjusted GDP rose by 0.3% in both countries EURO AREA AND European Unioncompared to the previous quarter, according to a flash estimate published by Eurostat, the statistical office of the European Union. In the fourth quarter of 2023, GDP had fallen by 0.1% to EURO AREA and had remained stable in European Union.
Compared to the same quarter a year ago, seasonally adjusted GDP increased by 0.4% as in EURO AREA and in European Union in the first quarter of 2024, after +0.1% in EURO AREA and +0.2% in European Union in the previous quarter.
During the first quarter of 2024, GDP in United States increased by 0.4% compared to the previous quarter (after +0.8% in the fourth quarter of 2023). Compared to the same quarter a year ago, GDP increased by 3.0% (after +3.1% in the previous quarter).
The number of employees increased by 0.3% in EURO AREA and with 0.2% in European Union in the first quarter of 2024, compared to the previous quarter. These are the same trends observed in the fourth quarter of 2023.
Compared to the same quarter a year ago, employment increased by 1.0% on the year EURO AREA and with 0.7% in European Union in the first quarter of 2024, after +1.2% in EURO AREA and +1.0% in European Union in the fourth quarter of 2023.
These data provide a picture of labor input consistent with national accounts measures of output and income.
Notes for users
review
The reliability of the flash estimates of GDP and employment was tested by dedicated working groups, and revisions of subsequent estimates are continuously monitored. Further information can be found on the Eurostat website.
With these quick estimates, employment and GDP figures in the euro area and the EU for the previous quarters are not revised.
GDP flash estimates for Q1 2024 are based on Member State data covering 99% of EA and EU GDP, while employment flash estimates are based on Member State data covering 96 % of EA and 93% of total employment in the EU. .
A preliminary rapid estimate of GDP growth was published in the News Release issued on 30 April 2024. This was based on GDP estimates for eighteen Member States.
The estimates of EA and BE for the last quarter were revised as presented in the table below:
|
For the previous quarter (P/Q-1) |
For the previous year (P/Q-4) |
||
|
Previous |
CURRENT |
Previous |
CURRENT |
|
0.3 |
0.3 |
0.4 |
0.4 |
|
0.3 |
0.3 |
0.5 |
0.4 |
All figures presented in this publication can be revised with Eurostat’s regular estimates of GDP and main aggregates (including employment) scheduled for 7 June 2024 and 19 July 2024.
Publication schedule
Comprehensive estimates of major European aggregates (including GDP and employment) are based on regular country transmissions and are published around 65 and 110 days after the end of each quarter. To improve the timing of key indicators, Eurostat also publishes flash estimates for GDP (after about 30 and 45 days) and employment (after about 45 days). Their compilation is based on assessments provided by EU Member States on a voluntary basis.
This news release presents flash estimates for euro area and EU GDP and employment growth in about 45 days.
Methods and definitions
The European quarterly national accounts are compiled in accordance with the European System of Accounts 2010 (ESA 2010). They include key policy indicators of GDP and employment.
Gross Domestic Product (GDP) with market prices measures the production activity of resident production units. Growth rates are based on chained volumes.
eMPLOYMENT covers employees and self-employed persons working in resident production units (domestic concept). While flash employment estimates are limited to total employment in persons, regular estimates also cover hours worked and industry divisions.
The method used to compile European GDP and employment estimates is the same as for previous publications.
Geographic information
Eurozone (EA20): Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.
European Union (EU27): Belgium, Bulgaria, Czech Republic, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland and Sweden.
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