Eurostat, the statistical office of the European Union, reported that in the first quarter of 2024, the eurozone economy grew by 0.3% compared to the previous quarter. The EU also saw a 0.3% increase in its gross domestic product (GDP) quarter-on-quarter. When compared to the same quarter in 2023, seasonally adjusted GDP increased by 0.4% in the euro area and by 0.5% in the EU.
GDP growth varied among member states, with Malta (+1.3%), Cyprus (+1.2%), and Croatia (+1.0%) showing the highest increases compared to the previous quarter. On the other hand, Denmark (-1.8%), Estonia (-0.5%), and the Netherlands (-0.1%) experienced decreases in GDP growth.
Household final consumption expenditure increased by 0.2% in both regions during Q1 of 2024 while government final consumption expenditure was stable in Q1 of 24 and increased by 0