Euro Area GDP Growth Rate

Last Release

Dec 31, 2023

Actual

Units In

-0.1

Frequency

Quarterly

Next Release

May 15, 2024

Time to Release

2 Months 5 Days 2 Hours

Highest	Lowest	Average	Date Range	Source
12.6 Sep 2020	-11.7 Jun 2020	0.36 %	1995-2023	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 Euro Area economy stagnated in the fourth quarter of 2023, following a 0.1% contraction in the previous three-month period, as persistently high inflation, record borrowing costs, and weak external demand continued to exert downward pressure on growth. Net exports subtracted 0.3 percentage points from the GDP, with exports remaining flat (vs -1.2% in Q3) and imports increasing by 0.6% (vs -1.4%), while changes in inventories subtracted 0.1 percentage point. On the other hand, household consumption rose by a meager 0.1%, following a 0.3% increase in the previous quarter. On a brighter note, fixed investment advanced by 1.0% (vs 0.0% in Q3), and public spending expanded by 0.6% (vs 0.6% in Q3). Compared with the same quarter of the previous year, the Eurozone economy advanced by 0.1%, matching the pace of the previous period. Looking at the full year of 2023, the GDP grew by 0.4%, marking a sharp decline from a 3.4% expansion in 2022.