The euro signal is photographed in entrance of the previous headquarters of the European Central Financial institution in Frankfurt, Germany. REUTERS/Kai Pfaffenbach/File Photograph
BRUSSELS, Belgium – The eurozone economic system grew by 0.9 % in 2024, revised knowledge confirmed Friday, greater than a earlier estimate of 0.7 %.
The EU’s official statistics company additionally revised development for the fourth quarter of 2024 for the second time to 0.2 % within the 20-country single forex space, from 0.1 % estimated in February.
READ: ECB cuts charges once more as eurozone hit by financial, political woes
Eurostat in January had initially stated the eurozone economic system stalled within the remaining quarter of 2024.
The revision is a small bit of fine information as Europe has remained caught in near-stagnation for 2 years, slowed down particularly by sky-high power prices following Russia’s 2022 invasion of Ukraine.
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The eurozone recorded development of 0.4 % in 2023.
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Now the economic system faces the specter of painful tariffs from US President Donald Trump, though the European Union has made bolstering the bloc’s competitiveness its precedence.
The eurozone’s financial efficiency has been weighed down by the EU’s two greatest financial powerhouses, Germany and France.
Germany recorded a contraction of 0.2 % within the fourth quarter of 2024, whereas France shrank by 0.1 % in the identical interval.
The 27-country EU as a complete grew by 1.0 % in 2024, up from the earlier estimate of 0.9 %.
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