GDP increased by 0.2% in both euro area, EU in Q2: Eurostat

BRUSSELS: In the second quarter of 2024, seasonally adjusted GDP increased by 0.2 percent in both the euro area and the EU, compared with the previous quarter, according to an estimate published by Eurostat, the statistical office of the European Union. In the first quarter of 2024, GDP had grown by 0.3 percent in both zones. Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 0.6 percent in the euro area and by 0.8 percent in the EU in the second quarter of 2024, after +0.5 percent in the euro area and +0.7 percent in the EU in the previous quarter. Poland (+1.5 percent) recorded the highest increase of GDP compared to the previous quarter, followed by Greece (+1.1 percent) and the Netherlands (+1.0 percent). The highest decreases were observed in Ireland (-1.0 percent), Latvia (-0.9 percent) and Austria (-0.4 percent). The number of employed persons increased by 0.2 percent in the euro area and by 0.1 percent in the EU in the second quarter of 2024, compared with the previous quarter. In the first quarter of 2024, employment had grown by 0.3 percent in both zones. Compared with the same quarter of the previous year, employment increased by 0.8 percent in both the euro area and the EU in the second quarter of 2024, after +1.0 percent in the euro area and +0.9 percent in the EU in the first quarter of 2024. In the second quarter of 2024, Ireland, Lithuania (both +1.1 percent) and Estonia (+0.8 percent) recorded the highest growth of employment in persons compared with the previous quarter. The highest decrease of employment was recorded in Romania (-0.5 percent) and Finland (-0.4 percent). Based on seasonally adjusted figures, Eurostat estimates that in the second quarter of 2024, 218.6 million people were employed in the EU, of which 170.1 million were in the euro area. Source: Emirates News Agency