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September 06, 2024EU AND EURO AREA GDP, Q2 2024 (REVISED) 
In the second GDP estimate for Q2 2024, Eurostat estimates the seasonally adjusted annualized growth rate for real GDP was +1.0% for the European Union and +0.8% for the Euro Area (a subset of 20 of the 27 nations of the European Union). This was the second quarter of substantial real GDP growth after 5 quarters of little change (modest growth and modest declines).
Among member states, growth was fastest in Poland, Greece and the Netherlands. Latvia and Ireland reported the steepest GDP declines in Q2 2024.
Growth for the European Union was attributable to rising rising household spending(+0.3%), government spending(+2.8%) and exports (+5.5%), offset by rising imports (+2.4%). Investment across the European Union was down 7.2%.
In the Euro Area, real GDP growth was driven more by export growth (+5.8%), offset by import growth (+1.9%), than by rising government spending (+2.6%). Investment was down 8.5% in the Euro Area in Q2 2024 while household spending contracted slightly (-0.2%)
Source: Eurostat press release; Eurostat database
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