GDP stable in the euro area and up by 0.1% in the EU

 In the fourth quarter of 2024, seasonally adjusted GDP remained stable in the euro area and increased by 0.1% in the EU, compared with the previous quarter, according to a preliminary flash estimate published by Eurostat, the statistical office of the European Union. In the third quarter of 2024, GDP had grown by 0.4% in both areas.

According to a first estimation of annual growth for 2024, based on seasonally and calendar-adjusted quarterly data, GDP increased by 0.7% in the euro area and by 0.8% in the EU.

These preliminary GDP flash estimates are based on data sources that are incomplete and subject to further revisions.

Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 0.9% in the euro area and by 1.1% in the EU in the fourth quarter of 2024, after +0.9% in the euro area and +1.0% in the EU in the previous quarter.

Among the Member States for which data are available for the fourth quarter of 2024, Portugal (+1.5%) recorded the highest increase compared to the previous quarter, followed by Lithuania (+0.9%) and Spain (+0.8%). Declines were recorded in Ireland (-1.3%), Germany (-0.2%) and France (-0.1%). The year-on-year growth rates were positive for nine countries and negative for three.

Table

Published growth rates of GDP in volume up to 2024Q4  

(based on seasonally adjusted* data)

	Percentage change compared with the previous quarter				Percentage change compared with the same quarter of the previous year
	2024Q1	2024Q2	2024Q3	2024Q4	2024Q1	2024Q2	2024Q3	2024Q4
Euro area	0.3	0.2	0.4	0.0	0.4	0.5	0.9	0.9
EU	0.3	0.2	0.4	0.1	0.6	0.8	1.0	1.1
Belgium	0.3	0.3	0.3	0.2	0.8	0.9	1.2	1.1
Czechia	0.4	0.2	0.5	c	0.5	0.5	1.4	c
Germany	0.2	-0.3	0.1	-0.2	-0.1	-0.2	-0.3	-0.2
Estonia	-0.2	0.1	0.0	0.1	-1.4	-1.1	-0.6	-0.1
Ireland	0.6	-0.3	3.5	-1.3	-4.2	-3.2	2.5	2.5
Spain	1.0	0.8	0.8	0.8	2.7	3.3	3.5	3.5
France	0.1	0.3	0.4	-0.1	1.4	1.0	1.2	0.7
Italy	0.4	0.2	0.0	0.0	0.3	0.7	0.5	0.5
Lithuania	1.1	0.3	1.2	0.9	2.7	1.5	2.4	3.6
Hungary	0.5	-0.2	-0.6	0.5	1.6	1.2	-0.7	0.2
Austria	0.2	-0.2	-0.1	0.0	-1.5	-1.4	-0.8	-0.2
Portugal	0.6	0.2	0.3	1.5	1.4	1.6	2.0	2.7
Sweden**	0.6	0.0	0.3	0.2	0.2	0.4	0.7	1.1

c: confidential until 31 January 2025

*  Growth rates to the previous quarter and to the same quarter of the previous year presented in this table are both based on seasonally and calendar-adjusted figures, except where indicated. Unadjusted data are not available for all Member States that are included in GDP flash estimates.

**  Percentage change compared with the same quarter of the previous year calculated from calendar-adjusted data.

Source dataset: namq_10_gdp

In December 2024, the euro area seasonally-adjusted unemployment rate was 6.3%, up from 6.2% in November 2024 and down from 6.5% in December 2023. The EU unemployment rate was 5.9% in December 2024, up from 5.8% in November 2024 and down from 6.0% in December 2023. These figures are published by Eurostat, the statistical office of the European Union.

Eurostat estimates that 12.978 million persons in the EU, of whom 10.830 million in the euro area, were unemployed in December 2024.

• Compared with November 2024, unemployment increased by 94 thousand in the EU and by 96 thousand in the euro area.

• Compared with December 2023, unemployment decreased by 261 thousand in the EU and by 266 thousand in the euro area.

Youth unemployment

In December 2024, 2.927 million young persons (under 25) were unemployed in the EU, of whom 2.359 million were in the euro area. In December 2024, the youth unemployment rate was 15.0% in the EU, down from 15.2% in November 2024, and 14.8% in the euro area, down from 14.9% in the previous month.

• Compared with November 2024, youth unemployment decreased by 38 thousand in the EU and by 18 thousand in the euro area.

• Compared with December 2023, youth unemployment increased by 9 thousand in the EU and by 24 thousand in the euro area.

   

 

Unemployment by sex

In December 2024, the unemployment rate for women was 6.1% in the EU, stable compared with the previous month, and the unemployment rate for men was 5.7%, also stable compared with November 2024. In the euro area, the unemployment rate for women was 6.5%, up from 6.4% in the previous month, and the unemployment rate for men was 6.1%, stable compared with November 2024.

Additional labour market indicators

The estimates in this News Release are based on the globally used International Labour Organisation (ILO) standard definition of unemployment, which counts as unemployed people without a job who have been actively seeking work in the last four weeks and are available to start work within the next two weeks.

To capture in full the labour market situation, the data on unemployment have been complemented by additional indicators, e.g. underemployed part-time workers, persons seeking work but not immediately available and persons available to work but not seeking, released together with LFS data for the third quarter of 2024.

LFS data for the fourth quarter of 2024 will be released on 14 March 2025.

In 2023, EU countries exported €1 427 billion worth of services to countries outside of the EU (+2% compared with 2022). Imports from countries outside the EU stood at €1 274 billion (+4% compared with 2022). This marks a continuing upward trend following a disruption in 2020 due to the impact of the COVID-19 pandemic.  

In 2023, the EU trade in services balance reached €153 billion, the second highest figure since 2010, after the record €181 billion in 2022.

This information comes from data on EU trade in services published by Eurostat today. 

Click to enlarge

Source dataset: bop_its6_det

Leading trade partners in 2023: USA and UK

EU’s leading trade partners for international exports of services were the United States (€319 billion; 22% of extra-EU exports) and the United Kingdom (€280 billion; 20%), ahead of Switzerland (€154 billion; 11%).

Click to enlarge

Source dataset: bop_its6_det

The United States was the origin of more than a third of the services imported into the EU from non-EU countries (€427 billion; 34%), followed by the United Kingdom (€230 billion; 18%) and Switzerland (€91 billion, 7%).