Cyprus reported the highest annual increase in GDP in the European Union in the third quarter of 2024, with growth of 3.8% compared to the same period a year ago.
Also reporting a strong GDP rate increase in the third quarter was Spain (+3.4%), while Lithuania (+2.3%), Bulgaria (+2.2%), Poland and the Netherlands (+1.7%) also saw a solid GDP uplift, according to the Eurostat data.
At the other end of the scale, Latvia reported a GDP contraction of 1.4% in the third quarter, compared to the same period a year, ago, while Hungary and Estonia both saw their economies contract by -0.7%.
Germany, Europe’s largest economy, saw its GDP fall 0.2% in the period, indicating the continued domestic problems facing the German economy.
GDP increase in European Union
On average, the European Union as a whole saw a seasonally-adjusted GDP increase of 1.0% in the third quarter, compared to the third quarter of 2023. This compares to a 0.8% gain in Q2 2024, a 0.6% increase in Q1 2024 and a 0.4% rise in Q4 2023.
In the euro area, GDP was up 0.9% in the third quarter.
On a quarter-on-quarter basis, meanwhile, seasonally adjusted GDP increased by 0.3% the EU and 0.4% in the euro area, compared to a 0.3% and 0.2% increase, respectively, in the previous quarter. Read more here.
Seasonally-adjusted GDP rate increase by EU member state, Q3 2024 (%)*
| Country | GDP Rate Increase (%) |
|---|---|
| Belgium | 1.0% |
| Bulgaria | 2.2% |
| Czechia | 1.3% |
| Denmark | n/a |
| Germany | -0.2% |
| Estonia | -0.7% |
| Ireland | n/a |
| Greece | -0.2% |
| Spain | 3.4% |
| France | 1.3% |
| Croatia | n/a |
| Italy | 0.4% |
| Cyprus | 3.8% |
| Latvia | -1.4% |
| Lithuania | 2.3% |
| Luxembourg | n/a |
| Hungary | -0.7% |
| Malta | n/a |
| Netherlands | 1.7% |
| Austria | -0.1% |
| Poland | 1.7% |
| Portugal | 1.9% |
| Romania | n/a |
| Slovenia | 1.0% |
| Slovakia | 1.7% |
| Finland | 0.4% |
| Sweden | -0.1% |
*compared to the same period a year ago
