In the first quarter of 2024, seasonally adjusted GDP increased by 0.3% in both countries. euro area And that european unionAccording to preliminary figures released by Eurostat, Statistical Office of the European Union. GDP decreased by 0.1% in the fourth quarter of 2023. euro area and remained stable european union.
These preliminary GDP figures are based on incomplete data sources and are subject to further revision.
Compared to the same period last year, seasonally adjusted GDP increased by 0.4%. euro area and 0.5% each european union Q1 2024 after +0.1% euro area +0.2% european union in the previous quarter.
Among the Member States for which data are available for the first quarter of 2024: Ireland (+1.1%) recorded the highest growth compared to the previous quarter, followed by latvia, Lithuania and Hungary (all +0.8%). Sweden (-0.1%) was the only Member State to record a decrease compared to the previous quarter. Year-on-year growth rates were positive in nine countries and negative in four.
The next forecast for Q1 2024 will be released on May 15, 2024.
Note to users
revision
The reliability of GDP preliminary figures is tested by a specialized working group and revision The subsequent estimate Continuously being watched. For more information, please visit Eurostat. Website.
The preliminary figures do not revise Eurozone and EU GDP figures for previous quarters.
All figures in this release are subject to revision by preliminary GDP t+45 figures scheduled for May 15, 2024, and thereafter by June 7, 2024 and 2024-7 This is likely to be revised by Eurostat's regular estimates of GDP and key aggregates (including employment), scheduled for March 19th.
The provisional preliminary GDP growth figures for the first quarter of 2024 presented in this release are based on data from 18 Member States, covering 95% of Eurozone GDP and 94% of EU Gross Domestic Product.
Release schedule
Comprehensive estimates for Europe's key aggregates (including GDP and employment) are based on regular national releases and are published approximately 65 and 110 days after the end of each quarter. To increase the timeliness of key indicators, Eurostat also publishes preliminary figures for GDP (after approximately 30 and 45 days) and employment (after approximately 45 days). The compilation is based on estimates provided voluntarily by EU member states.
This news release provides preliminary preliminary figures for the Eurozone and the European Union, approximately 30 days out.
Method and definition
The European Quarterly National Accounts are compiled according to the European System of Accounts 2010 (ESA 2010).
gross domestic product (GDP) Market prices measure the productive activity of resident production units. Growth rates are based on chain-linked volumes.
Two statistical working papers present a preliminary GDP preliminary methodology for European estimates and estimates for Member States.
The method used to aggregate European GDP is the same as in previous releases.
geographic information
euro area (EA20): Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Austria, Portugal, Slovenia, Slovakia, Finland.
european union (EU27): Belgium, Bulgaria, Czech Republic, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden.
