In the second quarter of 2024, seasonally adjusted GDP increased by 0.2% in both the euro area and the EU, compared with the previous quarter, when GDP had grown by 0.3% in both zones, Eurostat reported on Friday.

Compared with the same quarter of 2023, seasonally adjusted GDP increased by 0.6% in the euro area and by 0.8% in the EU in the second quarter of 2024, after +0.5% in the euro area and +0.7% in the EU in the previous quarter.

Monthly comparison

Compared with the first quarter of 2024, Poland recorded the highest increase of GDP (+1.5%), followed by Greece (+1.1%) and the Netherlands (+1.0%). The highest decreases were observed in Ireland (-1.0%), Latvia (-0.9%) and Austria (‑0.4%).

In the second quarter of 2024, Croatia recorded a GDP growth of 0.8% compared with the previous quarter, when it had registered an increase of 1.0%.

The EU’s largest economy, Germany, saw its GDP drop by 0.1%.

Annual comparison

Compared with the second quarter of 2023, Malta recorded the highest GDP growth (+4.2%), followed by Poland (+4.0) and Cyprus (+3.7%). The largest decreases were observed in Ireland (-4.1%), Estonia (-1.3%) and Finland (-1.2%).

In the second quarter of this year, Croatia’s economy grew by 3.0% compared with the same quarter of the previous year. In the first quarter of 2024, it had increased by 3.9%.

The German economy stagnated compared with the second quarter of 2023.