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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email:

June 07, 2024

In the second GDP estimate for Q1 2024, Eurostat estimates the seasonally adjusted annualized growth rate for real GDP was +1.2% for the European Union and +1.3% for the Euro Area (a subset of 20 of the 27 nations of the European Union).  This was the first substantial real GDP growth after 5 quarters of little change (modest growth and modest declines). 

Among member states, growth was fastest in Malta, Cyprus, Croatia, Ireland and Latvia.  Denmark, the Netherlands and Estonia were the only countries reporting GDP declines in Q1 2024. 

Growth for the European Union was attributable to rising household spending (+0.9%), government expenditures (+0.6%) and exports (+3.9%) along with falling imports (-0.7%).  Investment across the European Union was down 5.8%.

In the Euro Area, real GDP growth was driven more by export growth (+5.6%) and import decline (-1.3%) than by rising household spending (+0.7%) or government expenditures (+0.1%).  Investment was down 5.9% in the Euro Area in Q1 2024.

Source: Eurostat press releaseEurostat database

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