In Q4 2023, GDP had declined by 0.1 per cent in the euro area and had remained stable in the EU.

Seasonally-adjusted GDP increased by 0.4 per cent year on year (YoY) in the euro area and by 0.5 per cent YoY in the EU in Q1 2024, after growing by 0.2 per cent YoY in the euro area and 0.3 per cent YoY in the EU in the previous quarter.

Malta (plus 1.3 per cent QoQ) recorded the highest increase of GDP, followed by Cyprus (plus 1.2 per cent QoQ) and Croatia (plus 1.0 per cent QoQ). Decreases were observed in Denmark (minus 1.8 per cent QoQ), Estonia (minus 0.5 per cent QoQ) and the Netherlands (minus 0.1 per cent QoQ).

Exports increased by 1.4 per cent in the euro area and by 1 per cent in the EU in Q1 2024, while imports decreased by 0.3 per cent in the euro area and by 0.2 per cent in the EU.

The number of employed persons increased by 0.3 per cent QoQ in both the euro area and the EU in Q1 2024, after a growth of 0.3 per cent in the euro area and 0.2 per cent in the EU in Q4 2023.

Employment increased by 1 per cent YoY in the euro area and by 0.9 per cent YoY in the EU in Q1 2024, after rising by 1.2 per cent YoY in the euro area and 1 per cent YoY in the EU in Q4 2023.

In Q1 2024, Romania (plus 2.4 per cent), Malta (plus 1.4 per cent) and Portugal (plus 1.1 per cent) recorded the highest growth of employment in persons compared with the previous quarter. Decline of employment was recorded in Poland (minus 0.6 per cent), Slovakia(minus 0.3 per cent) and Sweden (minus 0.1 per cent).

Based on seasonally-adjusted figures, Eurostat estimates that in Q1 2024, 218 million people were employed in the EU, of which 169.9 million were in the euro area.

Fibre2Fashion News Desk (DS)