Regional output was barely higher than beforehand thought, though the eurozone continues to be hampered by productiveness woes.
Within the remaining three months of 2024, seasonally adjusted GDP elevated by 0.1% quarter-on-quarter within the eurozone and by 0.2% within the EU, Eurostat stated on Friday.
Within the prior quarter, GDP grew by 0.4% in each areas.
The brand new figures are slight enhancements on earlier estimates, communicated final month, though they’re far beneath the 0.6% whole seen within the US.
Quarterly progress within the eurozone was predicted at 0% in January whereas EU progress was estimated at 0.1%.
In comparison with the ultimate three months of 2023, GDP grew by 0.9% within the eurozone within the remaining quarter of final yr. Within the EU, this whole got here to 1.1%.
These outcomes observe year-on-year progress totals of 0.9% seen within the euro space and 1.0% seen within the EU within the earlier quarter.
Notably robust annual rises in This fall output had been seen in Poland, Lithuania and Spain, whereas Austria and Germany recorded the steepest declines.
“The euro-zone economic system carried out just a little higher than beforehand thought in This fall, however progress was nonetheless extraordinarily weak and the early indicators are that it bought off to a gradual begin to 2025,” Jack Allen-Reynolds, deputy chief eurozone economist at Capital Economics, stated.
“The important thing level is {that a} 0.1% growth is hardly one thing to get enthusiastic about,” he continued.
“Each Germany and France skilled contractions in This fall, whereas Italy stagnated, leaving it as much as Spain and different smaller nations to cease the area’s economic system from contracting.”
In the identical launch, Eurostat famous that the variety of employed individuals elevated by 0.1% in each the euro space and the EU within the fourth quarter of 2024, in contrast with the earlier quarter.
Within the third quarter of 2024, employment had elevated by 0.2% within the euro space and had remained secure within the EU.
In contrast with the identical quarter of the earlier yr, employment elevated by 0.6% within the euro space and by 0.5% within the EU within the fourth quarter of 2024.
“The flipside of those employment positive factors is that productiveness, measured by GDP per employee, has declined by 1.4% since Q3 2022,” Allen-Reynolds stated.
“In flip, this has saved unit labour price progress and underlying worth pressures larger than they might in any other case have been.”