Eurozone GDP growth rate confirmed at 0.3%

Eurozone GDP for the second quarter of 2024 increased 0.3% from the previous fiscal year, which is the same as the previous fiscal year and consistent with advance forecasts.

Major countries such as France (previous quarter: 0.3% increase), Italy (same: 0.2% increase), and Spain (same: 0.8% increase) grew in the previous fiscal year.

Belgium (0.2% vs. 0.3%), Ireland (1.2% vs. 0.7%), Portugal (0.1% vs. 0.8%), Lithuania (0.9% vs. 0.9%), Cyprus (0.7% vs. 1%), Slovakia (0.4% vs. 0.6%), and Finland (0.4% vs. 0.2%) also grew.

At the same time, GDP in Estonia (down 0.2% vs. 0.4%), the Netherlands (down 1% vs. 0.3%), and Slovenia (down 0.2% vs. 0.1%) recovered.

Meanwhile, Germany, which is the largest economy, unexpectedly shrank by 0.1% because the industrial sector continues to be exhausted due to high interest rates.

Also, Latvia stalled with a 1.1% decline and Austria with a 0.2% decline.

Eurozone GDP increased 0.6% from the same period last year, making it the biggest expansion in the past five quarters.

The European Commission expects the Eurozone economy to grow 0.8% this year after a major stagnation in 2023.

Source: Eurostat