The European Commission's Autumn 2024 forecast anticipates a 0.8% growth in the Euro Area for this year, the same as in the previous Spring forecast. "As inflation continues to ease and private consumption and investment growth pick up, with unemployment at record lows, growth is set to gradually accelerate over the next two years", according to EU Economy Commissioner Paolo Gentiloni said. For 2025, growth forecasts were revised lower to 1.3% from 1.4% and for 2026, the Eurozone economy is seen rising 1.6%. The German economy is now forecasted to shrink by 0.1% this year, a reversal from the 0.1% growth projected in the spring. Looking ahead, the German economy is expected to expand by 0.7% in 2025 and 1.3% in 2026. On the inflation front, notwithstanding a slight pick-up in October, largely driven by energy prices, headline inflation in the Euro Area is set to more than halve to 2.4% in 2024, from 5.4% in 2023, before easing more gradually to 2.1% in 2025 and 1.9% in 2026. source: EUROSTAT

Full Year GDP Growth In the Euro Area decreased to 0.40 percent in 2023 from 3.40 percent in 2022. Full Year GDP Growth in Euro area averaged 1.48 percent from 1996 until 2023, reaching an all time high of 5.90 percent in 2021 and a record low of -6.10 percent in 2020. This page includes a chart with historical data for Euro Area Full Year GDP Growth. Euro Area Full Year GDP Growth - data, historical chart, forecasts and calendar of releases - was last updated on November of 2024.

Full Year GDP Growth In the Euro Area decreased to 0.40 percent in 2023 from 3.40 percent in 2022. Full Year GDP Growth in Euro area is expected to reach 0.60 percent by the end of 2024, according to Trading Economics global macro models and analysts expectations. In the long-term, the Euro Area Full Year GDP Growth is projected to trend around 1.40 percent in 2025 and 1.70 percent in 2026, according to our econometric models.




Related Last Previous Unit Reference
Full Year GDP Growth 0.40 3.40 percent Dec 2023
GDP 15544.86 14224.35 USD Billion Dec 2023
GDP Growth Rate YoY 0.90 0.60 percent Sep 2024
GDP Constant Prices 3020707.50 3009312.50 EUR Million Sep 2024
GDP Growth Annualized 0.80 1.30 percent Jun 2024
GDP Growth Rate 0.40 0.20 percent Sep 2024
Gross Fixed Capital Formation 610570.00 626232.10 EUR Billion Jun 2024

Euro Area Full Year GDP Growth
The Euro Area is the second largest economy in the world. Of the 19 member states it includes, the biggest are: Germany (29 percent of total GDP), France (20 percent), Italy (15 percent) and Spain (10 percent). On the expenditure side, household consumption is the main component of GDP and accounts for 54 percent of its total use, followed by gross fixed capital formation (21 percent) and government expenditure (20 percent). Exports of goods and services account for 47 percent of GDP while imports account for 43 percent, adding 4 percent of total GDP.
Actual Previous Highest Lowest Dates Unit Frequency
0.40 3.40 5.90 -6.10 1996 - 2023 percent Yearly
NSA


News Stream
Eurozone Economy Seen Gaining Steam in 2025
The European Commission's Autumn 2024 forecast anticipates a 0.8% growth in the Euro Area for this year, the same as in the previous Spring forecast. "As inflation continues to ease and private consumption and investment growth pick up, with unemployment at record lows, growth is set to gradually accelerate over the next two years", according to EU Economy Commissioner Paolo Gentiloni said. For 2025, growth forecasts were revised lower to 1.3% from 1.4% and for 2026, the Eurozone economy is seen rising 1.6%. The German economy is now forecasted to shrink by 0.1% this year, a reversal from the 0.1% growth projected in the spring. Looking ahead, the German economy is expected to expand by 0.7% in 2025 and 1.3% in 2026. On the inflation front, notwithstanding a slight pick-up in October, largely driven by energy prices, headline inflation in the Euro Area is set to more than halve to 2.4% in 2024, from 5.4% in 2023, before easing more gradually to 2.1% in 2025 and 1.9% in 2026.
2024-11-15
EU GDP Growth Revised Up, Inflation Expected to Drop
The European Commission's Spring 2024 forecast anticipates a 1% GDP growth for the EU in 2024, a slight improvement from the 0.9% forecast in the Winter 2024 report. The Euro Area's growth forecast remains steady at 0.8%. Looking ahead to 2025, the EU is set to grow 1.6% (down from the 1.7% Winter forecast), while the Euro Area is expected to grow by 1.4% (compared to the previous 1.5% estimate). Most Member States are predicted to report growth in 2024, with Germany set to expand by 0.1%, France by 0.7%, and Italy by 0.9%. In terms of inflation, HICP rates are forecasted to decrease, with EU inflation dropping from 6.4% in 2023 to 2.7% in 2024 and further to 2.2% in 2025. In the Euro Area, inflation is projected to decline from 5.4% in 2023 to 2.5% in 2024 and 2.1% in 2025, reflecting a downward revision from previous winter forecasts. In 2023, the Euro Area economy expanded by 0.4%, a decrease from the 3.4% growth seen in 2022.
2024-05-15
EU Revises GDP and Inflation Forecasts Lower
The European Commission said the EU economy has entered 2024 on a weaker footing than expected and lowered the growth outlook for this year by 0.4 ppt to 0.8% in the Euro Area. After narrowly avoiding a technical recession in the second half of last year, prospects for the first quarter of 2024 remain subdued, the Winter 2024 Economic Forecast showed. All countries in the Euro Area are set to grow in 2024, with Germany expected to expand 0.3%, France 0.9% and Italy 0.7%. Meanwhile, the inflation forecast has been revised downwards compared to autumn. Headline inflation is forecast to fall to 2.7% in 2024 from 3.2% in 2023 and to 2.2% in 2025. The sharp fall in energy prices was followed by a broad-based and faster-than-expected moderation of price pressures. As energy supply keeps outstripping demand, spot and future prices for oil and especially gas are now significantly lower than assumed in the Autumn Forecast. The Euro Area economy grew 0.5% in 2023, below 3.4% in 2022.
2024-02-15