Eurozone GDP grows 0.4% in Q3 2024, highest rate in two years

According to preliminary estimates, the Eurozone's GDP grew by 0.4% quarter-on-quarter in the three months ending September 2024, marking the highest growth rate in two years.

Eurozone GDP grows 0.4% in Q3 2024, highest rate in two years

This followed a 0.2% increase in Q2 and exceeded forecasts of 0.2%. The German economy expanded by 0.2%, unexpectedly avoiding a recession after a downwardly revised 0.3% contraction in Q2. France also saw GDP growth accelerate to 0.4% from 0.2% in Q2, while Spain maintained robust growth at 0.8%. Portugal's economy grew by 0.2%, matching its Q2 performance. Ireland rebounded with a 2% increase compared to a -1% decline, and Austria grew by 0.3%, up from flat growth. Lithuania experienced a notable rebound, growing 1.1% compared to 0.3%. In contrast, Italy's economy stalled after a 0.2% increase in Q2, and Latvia continued to contract, albeit at a slower rate of -0.4% compared to -0.3%.

Eurozone GDP grows 0.9% yearly, exceeding ECB expectations

The Eurozone GDP rose by 0.9% yearly, its most robust performance since Q1 2023, up from 0.6% in the previous quarter and exceeding forecasts of 0.8%. The European Central Bank anticipates a 0.8% GDP expansion for the Eurozone this year.