The Eurozone economy to grow by 0.9% in 2024
The Eurozone economy is set to grow by 0.9% in 2024, revised data showed on Friday, compared with a previous estimate of 0.7%.
The European Union’s official statistics agency Eurostat also revised growth in the fourth quarter of 2024 down for a second time, to 0.2% in the 20-nation currency bloc, compared with 0.1% estimated in February.
Eurostat announced in January that the eurozone economy slowed in the last quarter of 2024.
The adjustment is good news after Europe experienced a near-total recession for two years, particularly affected by rising energy prices after Russia’s invasion of Ukraine in 2022.
The Eurozone had grown by 0.4% in 2023, as the economy now faces the threat of tariffs announced by US President Donald Trump, although the European Union has made boosting the bloc’s competitiveness a priority.
The decline in the economic performance of the Eurozone was due to the two largest economic powers in the European Union, Germany and France.
Germany recorded a decline of 0.2% in the last quarter of 2024, while France’s economy declined by 0.1% in the same period.
The European Union’s economy, which includes 27 countries, recorded growth of 1.0% in 2024, up from the previous estimate of 0.9%.
