The eurozone economy is projected to grow by 0.7% in 2024, according to Eurostat's provisional estimate released on Thursday. In the final quarter of 2023, the bloc's Gross Domestic Product (GDP) expanded by 0.9% year-on-year, with Portugal achieving the third-highest growth rate.
Based on the first annual growth estimate for 2024, derived from seasonally and calendar-adjusted quarterly data, GDP rose by 0.7% in the eurozone and by 0.8% in the European Union. However, Eurostat highlights that the figures remain incomplete and may be subject to revision.
In the fourth quarter of 2023, the eurozone economy grew by 0.9% year-on-year, while the EU economy expanded by 1.1%. Among the countries with available data, Portugal posted the third-highest growth rate (2.7%), trailing only Lithuania (3.6%) and Spain (3.5%). In contrast, Germany and Austria experienced contractions of 0.2%, while Estonia's economy shrank by 0.1%.
On a quarter-on-quarter basis, eurozone GDP stagnated (0.0%), while the EU economy grew slightly by 0.1%. Portugal led the quarter-on-quarter growth ranking with a 1.5% expansion, followed by Lithuania (0.9%) and Spain (0.8%). Meanwhile, Ireland (-1.3%), Germany (-0.2%), and France (-0.1%) recorded the largest declines.
Based on the first annual growth estimate for 2024, derived from seasonally and calendar-adjusted quarterly data, GDP rose by 0.7% in the eurozone and by 0.8% in the European Union. However, Eurostat highlights that the figures remain incomplete and may be subject to revision.
In the fourth quarter of 2023, the eurozone economy grew by 0.9% year-on-year, while the EU economy expanded by 1.1%. Among the countries with available data, Portugal posted the third-highest growth rate (2.7%), trailing only Lithuania (3.6%) and Spain (3.5%). In contrast, Germany and Austria experienced contractions of 0.2%, while Estonia's economy shrank by 0.1%.
On a quarter-on-quarter basis, eurozone GDP stagnated (0.0%), while the EU economy grew slightly by 0.1%. Portugal led the quarter-on-quarter growth ranking with a 1.5% expansion, followed by Lithuania (0.9%) and Spain (0.8%). Meanwhile, Ireland (-1.3%), Germany (-0.2%), and France (-0.1%) recorded the largest declines.
Source: The Portugal News