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The GDP of the eurozone grew by 0.3% in the second quarter of 2024

by AI | 14.Aug 2024 | Europe in brief AI

Compared to the same quarter of the previous year, GDP increased by 0.6% in the Euro area and by 0.8% in the EU in the second quarter of 2024.

The GDP of the eurozone grew by 0.3% in the second quarter. Photo: EPDATA 14/8/2024

Madrid  – The gross domestic product (GDP) of the eurozone and the entire European Union grew by 0.3% in the second quarter of 2024 compared to the previous three months, thus maintaining in both regions the pace of expansion observed in the first quarter, according to the second reading of the data published by Eurostat.

Compared to the same quarter of the previous year, GDP increased by 0.6% in the eurozone and by 0.8% in the EU in the second quarter of 2024, after the annual increase of 0.5% in the eurozone and 0.6% in the EU in the previous quarter.

In the second quarter of 2024, the GDP of the United States increased by 0.7% compared to the previous quarter, after a 0.4% expansion in the first quarter, while compared to the same quarter of the previous year, the U.S. GDP increased by 3.1%.

Among the EU states for which second quarter data is available, the highest GDP growth corresponded to Poland (1.5%), followed by Ireland (1.2%) and the Netherlands (1%).

On the contrary, GDP contractions were observed in Latvia (-1.1%), Sweden (-0.8%), Hungary (-0.2%), and Germany (-0.1%).

In the case of Spain, GDP growth in the second quarter of the year remained at 0.8% quarterly, while compared to the same period of 2023, the expansion was 2.9%. (August 14)