Eurozone to see 0.1% economic growth in Q4 2024

Eurozone gross domestic product (GDP) grew by 0.1% in the fourth quarter of 2024, higher than the previous estimate of no growth, according to the European Statistical Office (Eurostat).

Eurostat data released on February 14 showed that the Eurozone's gross domestic product (GDP) growth in the fourth quarter of 2024 increased slightly by 0.1% compared to the previous quarter, higher than the previous estimate of no growth.

Despite a slight improvement from initial estimates, jobs data barely rose, adding to evidence the 20-nation eurozone economy remains in a state of stagnation.

Compared to the same period in 2023, the region's economy grew 0.9%, on par with the previous quarter's growth, but only at a modest quarterly growth rate compared to the previous period.

People shop at a supermarket in Berlin, Germany. Photo: THX/TTXVN

Eurostat's report also said that the number of employed people in the Eurozone increased by only 0.1% in the fourth quarter of 2024, continuing a downward trend since the beginning of 2022.

Eurostat forecasts that Eurozone economic growth in 2025 could edge slightly above 1%, but this forecast could still be reduced due to the gloomy outlook of many other factors.

Specifically, consumption has barely increased in the context of consumers tightening spending and the labor market also weakening. In addition, industrial production remains in recession, while the risk of new US tariffs is affecting investment.

According to experts, the main reasons for the bloc's sluggish economic growth in 2024 are the Eurozone's slow productivity growth, along with structural shortcomings such as cumbersome regulations, political instability, and fragmented markets.

Higher energy prices due to sharp increases in natural gas costs have raised concerns that the eurozone economy could stagnate further, economists said.

Source: https://congthuong.vn/eurozone-dat-muc-tang-truong-kinh-te-01-trong-quy-42024-374012.html