Eurozone economy grows 0.3% in second quarter

The preliminary data for Gross Domestic Product (GDP) and employment in the European Union (EU) and the Eurozone for the second quarter of 2024 were published by Eurostat.

According to the figures, seasonally adjusted GDP in the 20-member Eurozone grew by 0.3% in the second quarter of 2024 compared to the first quarter. On a year-over-year basis, the GDP increased by 0.6% in the second quarter.

Market expectations had forecast a 0.3% quarter-on-quarter and a 0.6% year-on-year growth in the Eurozone’s GDP. It was noteworthy that the announced data came in line with market expectations.

In the EU, seasonally adjusted GDP grew by 0.3% on a quarterly basis and by 0.8% on an annual basis in the second quarter.

By country, Germany's GDP fell by 0.1% in the second quarter compared to the previous quarter, while France saw a 0.3% increase, Italy 0.2%, and Spain 0.8%.

On a year-over-year basis, Germany's GDP declined by 0.1% in the second quarter, while France's GDP grew by 1.1%, Italy's by 0.9%, and Spain's by 2.9%.

Employment in the Eurozone increased by 0.2% in the second quarter compared to the first quarter and by 0.8% compared to the same quarter last year.

In the EU, employment rose by 0.2% quarter-on-quarter and by 0.7% year-over-year in the second quarter.