Euro Area GDP Growth Rate

Last Release

Mar 31, 2024

Actual

0.3

Units In

Frequency

Quarterly

Next Release

Aug 14, 2024

Time to Release

2 Months 4 Days 2 Hours

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 0.3% on quarter in the first three months of 2024, recovering from a 0.1% contraction in each of the previous two quarters, the final estimate confirmed. It also marks the strongest GDP growth since the third quarter of 2022, with net trade making the largest upward contribution. Exports rose 1.4%, way better than a 0.2% rise in Q4 and imports edged 0.3%, after a 0.6% rise. Meanwhile, household spending rose 0.2%, the same as in the previous period. On the other hand, gross fixed capital formation sank 1.5%, reversing a 0.8% rise in Q4 and government expenditure stalled, following a 0.6% rise. In its June forecasts, the ECB projects economic growth to pick up to 0.9% in 2024, 1.4% in 2025 and 1.6% in 2026.