Announcement
Following recommendations for a harmonised European revision policy for national accounts and balance of payments, EU countries are carrying out a benchmark revision of their national accounts estimates in 2024. The purpose of this benchmark revision is to implement changes introduced by the amended ESA 2010 regulation, and to incorporate new data sources and other methodological improvements. Most of the revised quarterly and annual country data are expected to be released by Eurostat between June and October 2024, and will be progressively integrated in European estimates. The impact of these revisions is expected to be limited, but still noticeable for some European aggregates and more pronounced for certain Member States. For further details, please consult the available documentation on Eurostat’s website.
In the second quarter of 2024, seasonally adjusted GDP increased by 0.3% in both the euro area and the EU, compared with the previous quarter, according to a flash estimate published by Eurostat, the statistical office of the European Union. In the first quarter of 2024, GDP had also grown by 0.3% in both zones.
Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 0.6% in the euro area and by 0.8% in the EU in the second quarter of 2024, after +0.5% in the euro area and +0.6% in the EU in the previous quarter.
During the second quarter of 2024, GDP in the United States increased by 0.7% compared to the previous quarter (after +0.4% in the first quarter of 2024). Compared with the same quarter of the previous year, GDP increased by 3.1% (after +2.9% in the previous quarter).
The number of employed persons increased by 0.2% in both the euro area and 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% in both zones.
Compared with the same quarter of the previous year, employment increased by 0.8% in the euro area and by 0.7% in the EU in the second quarter of 2024, after +1.0% in the euro area and +0.9% in the EU in the first quarter of 2024.
These data provide a picture of labour input consistent with the output and income measures of national accounts.
Notes for users
Revisions
The reliability of GDP and employment flash estimates was tested by dedicated working groups and revisions of subsequent estimates are continuously monitored. Further information can be found on Eurostat website.
With these flash estimates, euro area and EU employment and GDP figures for earlier quarters are not revised.
The flash GDP estimates of the second quarter 2024 are based on Member States’ data covering 99% of the EA and the EU GDP, while flash employment estimates are based on Member States’ data covering 96% of the EA and 93% of the EU total employment.
A preliminary flash estimate of GDP growth was published in the News Release issued on 30 July 2024. This was based on GDP estimates for eighteen Member States.
The EA and EU estimates for the last quarter were revised as presented in the following table:
|
To the previous quarter (Q/Q-1) |
To the previous year (Q/Q-4) |
||
|
Previous |
Current |
Previous |
Current |
|
0.3 |
0.3 |
0.6 |
0.6 |
|
0.3 |
0.3 |
0.7 |
0.8 |
All figures presented in this release may be revised with Eurostat’s regular estimates of GDP and main aggregates (including employment) scheduled for 6 September 2024 and 18 October 2024, which will reflect the impact of countries’ benchmark revisions as available.
Release schedule
Comprehensive estimates of European main aggregates (including GDP and employment) are based on countries regular transmissions and published around 65 and 110 days after the end of each quarter. To improve the timeliness of key indicators, Eurostat also publishes flash estimates for GDP (after around 30 and 45 days) and employment (after around 45 days). Their compilation is based on estimates provided by EU Member States on a voluntary basis.
This news release presents flash estimates for euro area and EU GDP and employment growth after around 45 days.
Methods and definitions
European quarterly national accounts are compiled in accordance with the European System of Accounts 2010 (ESA 2010). They include key policy indicators of GDP and employment.
Gross domestic product (GDP) at market prices measures the production activity of resident production units. Growth rates are based on chain-linked volumes.
Employment covers employees and self-employed working in resident production units (domestic concept). While employment flash estimates are limited to total employment in persons, regular estimates also cover hours worked and industry breakdowns.
The method used for compilation of European GDP and employment estimates is the same as for previous releases.
Geographical information
Euro area (EA20): Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.
European Union (EU27): Belgium, Bulgaria, Czechia, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland and Sweden.
