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, employment 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.
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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 amid tightening consumer spending and a weakening labor market. In addition, industrial production remains in recession, while the risk of new US tariffs is affecting investment.
According to experts, the main reason for the bloc's sluggish economic growth in 2024 is due to slow productivity growth in the Eurozone, along with structural shortcomings such as cumbersome regulations, political instability, and fragmented markets.
Economists say energy prices have risen further due to a sharp increase in natural gas costs, raising concerns that the eurozone economy could stagnate further in the coming period.
Source: https://congthuong.vn/eurozone-dat-muc-tang-truong-kinh-te-01-trong-quy-42024-374012.html
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