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December 06, 2024EU AND EURO AREA GDP, Q3 2024 (REVISED) 

In the second GDP estimate for Q3 2024, Eurostat estimates the seasonally adjusted annualized growth rate for real GDP was +1.5% for the European Union and +1.7% for the Euro Area (a subset of 20 of the 27 nations of the European Union). This was the third quarter of substantial real GDP growth after five quarters of little change (modest growth and modest declines).
Among member states, growth was fastest in Ireland, followed by Denmark and Lithuania. Hungary and Latvia reported the steepest GDP declines in Q3 2024.
Growth for the European Union was attributable to rising rising household spending(+2.3%), government spending(+1.8%) and investment (+3.9%), offset by rising imports (+1.0%) and falling exports (-4.7%) .




In the Euro Area, real GDP growth was driven by rising household spending (+2.7%), governement spending (+1.9%) and investment (+8.4%), and offset by falling exports (-5.8%) and rising imports (+0.8%).




Source: Eurostat press release; Eurostat database
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