The Gross Domestic Product (GDP) of the Eurozone expanded by 0.4% in Q3 2024 compared to the previous quarter, in line with its preliminary reading and marking its highest quarterly growth rate in two years, following the 0.2% increase in Q2 2024. Household consumption (+0.7%), the rise in gross fixed capital formation (+2.0%), and inventories were the largest contributors, with public spending also recording an increase (+0.5%). On the other hand, the net trade balance weighed on growth, as exports decreased by 1.5%, while imports rose by 0.2%. Among the major economies, Germany’s GDP in Q3 2024 expanded by 0.1%, below its preliminary reading of 0.2%, but avoiding a recession. Additionally, France’s GDP accelerated its expansion to 0.4%, while Spain’s GDP remained resilient (+0.8%). Conversely, Italy’s GDP stagnated (0.0%), while the growth of the Netherlands slowed down (0.8% vs. 1.1% in Q2 2024). Year-on-year, the Eurozone’s GDP expanded by 0.9%, marking its largest increase since that recorded in Q1 2023, compared to the downwardly revised increase of 0.5% in Q2 2024.
Eurozone GDP grows 0.4% in Q3 2024
