The Eurozone economy expanded by 0.4% in the third quarter of 2024, surpassing analysts’ expectations of 0.2% growth, according to preliminary data from the European Union’s statistical office. This growth also marks a 0.9% increase on an annual basis, slightly above the anticipated 0.8%. These figures signal resilience in the Eurozone’s economy, especially after a slower second quarter, which saw 0.2% quarterly and 0.6% annual growth.
Among individual Eurozone countries, economic performance varied. Germany’s GDP rose modestly by 0.2%, while France and Spain recorded more substantial growth at 0.4% and 0.8%, respectively. Italy’s GDP, however, remained stagnant quarter-over-quarter, reflecting ongoing economic pressures. Across the broader European Union, GDP also saw a 0.3% quarterly increase and matched the Eurozone’s 0.9% year-on-year growth.
This report is the first of three estimates for the third quarter, with the second set of figures expected on November 14. Economists will be closely watching upcoming data for signs of continued resilience or emerging slowdowns, as the Eurozone grapples with inflation and other global economic challenges.
