Euro Area GDP Growth Rate

The Eurozone GDP expanded 0.4% on quarter in Q3 2024, the strongest growth rate in two years, following a 0.2% rise in Q2 and in line with the first estimate. The German economy expanded 0.2%, surprisingly avoiding a recession, after a downwardly revised 0.3% decline in Q2. GDP growth also quickened in France (0.4% vs 0.2% in Q2), Estonia (0.1% vs 0%), Cyprus (1% vs 0.1%), Slovenia (0.3% vs 0.1%), Finland (0.4% vs 0.2%) and Lithuania (1.1% vs 0.3%). In addition, the GDP in Ireland (2% vs -1%) and Austria (0.3% vs 0%) rebounded and the Spanish economy remained robust (0.8% vs 0.8%). The Portuguese economy grew 0.2%, the same as in Q2 and growth in Slovakia stabilized (0.3% vs 0.3%). On the other hand, the Italian economy stalled, following a 0.2% rise in Q2 and Latvia remained in contraction (-0.4% vs -0.3%). GDP growth slowed in Belgium (0.2% vs 0.3%) and the Netherlands (0.8% vs 1.1%). Year-on-year, the Eurozone GDP expanded 0.9%, the best performance since Q1 2023.