The Eurozone economy grew by 0.4% quarter-on-quarter in Q3 2024, achieving its fastest expansion in two years, after a 0.2% increase in Q2 and in line with initial estimates.
Eurozone GDP sees strong 0.4% growth in Q3 2024
Germany's economy grew by 0.2%, narrowly avoiding a recession following a downwardly revised 0.3% decline in the previous quarter.
Growth also accelerated in several other Eurozone countries. France saw its GDP rise to 0.4%, doubling from the previous quarter, while Estonia's economy improved slightly to 0.1% growth. Cyprus experienced a significant boost with a 1% increase, up from 0.1% in Q2. Slovenia and Finland also saw more robust growth, with GDP expanding to 0.3% and 0.4%, respectively, and Lithuania's economy surged to 1.1% growth from 0.3%.
Ireland rebounded sharply, with a 2% increase in GDP following a 1% contraction, and Austria's economy improved to 0.3% growth after stagnating in Q2. Meanwhile, Spain's economy remained resilient, maintaining its 0.8% growth rate, while Portugal’s economic growth held steady at 0.2%, and Slovakia's GDP remained stable at 0.3%.
Italy and Latvia struggle as Eurozone GDP grows 0.9% year-on-year
On the downside, Italy's economy stalled after a 0.2% gain in Q2, and Latvia continued to shrink, with a deeper contraction of 0.4% compared to 0.3% previously. Growth momentum slowed in Belgium, where GDP increased to 0.2% from 0.3%, and in the Netherlands, which saw a decline to 0.8% from 1.1%.
Overall, the Eurozone's GDP grew by 0.9% year-on-year, marking the region's most robust annual performance since Q1 2023.
