Euro Area GDP Growth Rate

Last Release

Sep 30, 2024

Actual

0.4

Units In

0.3

Frequency

Quarterly

Next Release

N/A

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
12.6 Sep 2020	-11.7 Jun 2020	0.36 %	1995-2024	Eurostat

The Euro Area is an economic and monetary union of 19 European countries that adopted the euro as their currency. It is the second largest economy in the world and if it was a country it would be the third most populous with 341 million inhabitants. Germany, France, Italy and Spain are the most important economies accounting respectively for 29 percent, 20 percent, 15 percent and 10 percent of the bloc’s GDP.

Latest Updates

The Eurozone economy expanded 0.4% on quarter in the three months to September 2024, the strongest growth rate in two years, following a 0.2% rise in Q2 and in line with the previous estimates. Household spending (0.7%), gross fixed capital formation (2%) and inventories were the main contributors while government spending also increased (0.5%). On the other hand, the net trade weighed down on the growth, as exports declined 1.5% while imports edged up 0.2%. Among the largest economies, the GDP in Germany expanded 0.1%, below 0.2% in the preliminary estimates, but surprisingly avoiding a recession. Also, the GDP in France expanded at a faster 0.4% and the Spanish economy remained resilient (0.8%). On the other hand, the Italian economy stalled while Netherlands slowed (0.8%). Year-on-year, the Eurozone GDP expanded 0.9%, the best performance since Q1 2023.