The seasonally adjusted GDP was up by 0.3% in the Eurozone and the EU in the second quarter of 2024, compared to the previous quarter, according to a preliminary estimate published by Eurostat. In the first quarter of 2024, GDP also rose by 0.3% in both regions.
Compared to the same quarter of the previous year, seasonally adjusted GDP increased by 0.6% in the Eurozone and by 0.8% in the EU during the second quarter of 2024, following a +0.5% rise in the Eurozone 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 (following a +0.4% rise in the first quarter of 2024). Compared to the same quarter of the previous year, GDP increased by 3.1% (after +2.9% in the previous quarter).
Increase in Employment in the Eurozone and the EU
The number of employed persons increased by 0.2% in both the Eurozone and the EU during the second quarter of 2024, compared to the previous quarter. In the first quarter of 2024, employment had increased by 0.3% in both regions.
Compared to the same quarter of the previous year, employment increased by 0.8% in the Eurozone and by 0.7% in the EU during the second quarter of 2024, after a +1.0% rise in the Eurozone and +0.9% in the EU in the first quarter of 2024.
Meanwhile, The European Central Bank (ECB) warned earlier this month that growth in the Eurozone would be sluggish in 2024 and is vulnerable to any global weakness or escalation of trade tensions.
Lower borrowing costs are “very much needed for consumers to start buying goods again,” said Conrad Keijzer, CEO of Swiss specialty chemicals company Clariant AG, recently.
